Arab Today, arab today asian stocks mixed link date lifts hong kong and shanghai
Last Updated : GMT 23:01:37
Arab Today, arab today
Arab Today, arab today

Asian stocks mixed, link date lifts Hong Kong and Shanghai

Arab Today, arab today

Arab Today, arab today Asian stocks mixed, link date lifts Hong Kong and Shanghai

Investors look at stock prices
Hong Kong - AFP

Asian markets were mixed Monday, with Japanese shares succumbing to profit-taking while Hong Kong and Shanghai rallied after a launch date was announced for a trading link between their stock exchanges.
The dollar retreated from multi-year highs despite another record close on Wall Street that came in response to broadly upbeat jobs data.
Tokyo slipped 0.59 percent, or 99.85 points, to finish at 16,780.53 after ramping up gains of more than 10 percent in the previous six sessions as the Bank of Japan unveiled fresh monetary easing measures.
In the afternoon Hong Kong was up 1.80 percent and Shanghai was 2.09 percent higher.
Seoul closed up 0.95 percent, or 18.36 points, at 1,958.23 while Sydney fell 0.45 percent, or 25.1 points, to 5,524.0.
Dealers in Hong Kong and Shanghai cheered news that the delayed trading link between the two stock exchanges would start on November 17.
The connection -- which is expected to allow the equivalent of US$3.8 billion a day in cross-border transactions -- had originally been slated for last month, but was put off as pro-democracy protesters shut down sections of Hong Kong.
The link-up is expected to see volumes on both exchanges rise significantly.
However, the euphoria over the announcement was tempered by news that Chinese inflation was unchanged at 1.6 percent in October, well off the government's target of 3.5 percent and adding to fears about the strength of the world's number two economy.
Data Saturday also showed growth in exports and imports slowed last month.
In the United States the Dow and Standard and Poor 500 ended Friday with a third straight record close after the Labor Department said the economy added 214,000 jobs last month.
While that figure was weaker than the forecast 235,000, the previous two months' job gains were revised upward and the unemployment rate slipped to a six-year low.
- Dollar retreats against yen -
The Dow edged up 0.11 percent and the S&P 500 nudged 0.03 percent higher, but the Nasdaq eased 0.13 percent.
The result weighed on the dollar, which slipped from a seven-year high against the yen.
The greenback was at 114.06 yen Monday, down from 114.62 yen in New York Friday and well off the 115.39 yen in Tokyo earlier Friday.
The euro bought $1.2479 and 142.37 yen against $1.2456 and 142.78 yen in US trade.
Japan's Nikkei slipped on the stronger yen.
"Given that a great deal of the market's gains over the last several days and months have come on the back of a stronger US currency, its weakness naturally invites profit-taking," said Nomura Securities equity market strategist Junichi Wako.
But he added that "a severe selloff is unlikely", partly because the Bank of Japan and government pension funds are known to be buying on the dip.
On oil markets US benchmark West Texas Intermediate for December delivery rose 32 cents to $78.97. Brent crude for December was up 45 cents at $83.84 in afternoon trade.
Gold was at $1,171.69 an ounce, compared with $1,144.92 late Friday.
In other markets:
-- Taipei added 1.54 percent, or 137.36 points, to 9,049.98.
Taiwan Semiconductor Manufacturing Co rose 2.67 percent to Tw$134.5 while Hon Hai Precision Industry closed 2.08 percent higher at Tw$98.3.
-- Wellington rose 0.95 percent, or 51.35 points, to 5,470.34.
Fletcher Building added 2.87 percent to NZ$8.60 and Spark was up 3.27 percent at NZ$3.155.

 

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