Arab Today, arab today asian shares lower despite g20 growth pledge
Last Updated : GMT 00:26:33
Arab Today, arab today
Arab Today, arab today

Asian shares lower despite G20 growth pledge

Arab Today, arab today

Arab Today, arab today Asian shares lower despite G20 growth pledge

Hong Kong - AFP

Asian stock markets lost ground on Monday, with investors little moved by the G20's weekend commitment to boost global growth by $2 trillion over five years. In Tokyo the benchmark Nikkei-225 index fell 0.19 percent, or 27.99 points, to close at 14,837.68. "Players tried to lock in some profit... and they are waiting for US economic indicators, which appear unpredictable due to the impact of the recent winter storm," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities. "But today's decline was limited, indicating that market sentiment is not so bad at all," Horiuchi added. Sony rose 0.50 percent to 1,775 yen after the company released PlayStation 4 consoles in Japan during the weekend. Toyota fell 0.96 percent to 5,924 yen, while its rival Nissan edged down 0.10 percent to 918 yen. Hong Kong shares fell 0.80 percent, or 179.68 points, to end at 22,388.56. China Overseas Land and Investment dropped 3.6 percent to HK$20.25, Hang Lung Properties slid 2.8 percent to HK$21.10 while Belle International Holdings rose 5.9 percent to HK$9.32 after the footwear maker reported stronger profit margins in full-year 2013 results than analysts expected. On the Chinese mainland, shares extended losses on worries about possible tightening of credit to the property sector. Shanghai dropped 1.75 percent, or 37.00 points, to close at 2,076.69. The Shenzhen Composite Index, which tracks stocks on China's second exchange, narrowed earlier losses to close down 0.07 percent, or 0.82 points, at 1,134.19. China's domestic banks have recently tightened lending to the real estate sector, state media said last week, although the four biggest state banks on Monday denied any such moves. Official data released Monday also showed fewer cities, 62 out of 70 tracked, recorded month-on-month increases in new home prices in January, down from 65 in December. Analysts said fears were overblown. "The (property) market doesn't have any structural risks and the government wouldn't clamp down too tightly on an area so important for China's economy," United Securities analyst Pei Xiaoyan told Dow Jones Newswires. Seoul lost 0.45 percent, or 8.78 points, to end at 1,949.05 and Sydney closed a marginal 0.03 percent, or 1.5 points, higher at 5,440.2. On currency markets, the dollar stood at 102.35 yen in afternoon trade in Asia, down from 102.49 yen in New York Friday. The euro was at $1.3765 and 140.89 yen, compared with $1.3734 and 141.00 yen. Oil prices rebounded in Asia owing to strong US demand driven by prolonged sub-zero temperatures across much of the country and geopolitical worries. New York's main contract, West Texas Intermediate for April delivery, gained 22 cents to $102.42 in afternoon Asian trade. Brent North Sea crude for April rose 20 cents to $110.05. Gold fetched $1,333.44 an ounce at 1050 GMT, after striking $1,332.45 late Friday, driven by strong Asian demand. In other markets: -- Mumbai rose 0.53 percent, or 110.69 points, to end at 20,811.44 points. Tata Power was up 3.95 rupees or 5.02 percent at 82.65 rupees while public power producer NPTC was down 15.10 rupees or 11.43 percent at 117.05 rupees. -- Kuala Lumpur ended 0.11 percent, or 2.06 points lower, to close at 1,828.68. IOI Corp gained 1.3 percent to close at 4.61 ringgit and UMW Holdings rose 1.0 percent to 11.90 ringgit, while Genting Bhd lost 2.5 percent to end trading at 10.10 ringgit. -- Jakarta ended down 0.49 percent, or 22.58 points, at 4,623.57. Cement maker Indocement Tunggal Prakarsa lost 2.31 to 22,250 rupiah, while tin miner Aneka Tambang fell 0.47 percent to 1,050 rupiah. -- Singapore rose 0.19 percent, or 5.91 points, to close at 3,105.84. Singapore Telecommunications gained 1.11 percent to Sg$3.64 while DBS Bank slid 0.24 percent to Sg$16.65. -- Bangkok lost 0.22 percent, or 2.83 points, to 1,301.38. Telecoms company Advanced Info Service fell 1.90 percent to 206.00 baht, while Bangchak Petroleum dropped 0.86 percent to 28.75 baht. -- Manila fell 0.19 percent, or 12.04 points, to 6,296.32. Megaworld Corp. bucked the trend to rise by 2.81 percent to 4.02 pesos while Ayala Land Inc. fell by 1.22 percent to 28.40 pesos. -- Wellington closed up 42.01 points, or 0.85 points, to end at 4,969.65 on positive earnings results. Freightways rose 2.84 percent to NZ$4.70 and Sky Network Television City soared 5.74 percent to NZ$6.08. -- Taipei fell 0.48 percent, or 41.25 points, to 8,560.61. Taiwan Semiconductor Manufacturing Co was 0.47 percent lower at Tw$107.0, while Cathay Financial Holdings shed 3.04 percent to Tw$44.7.

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