Asian shares suffer after Wall St losses
Hong Kong (AFP) - Asian markets sank Friday, extending the previous day's losses after disappointment on Wall Street over data showing the first fall in Chinese manufacturing activity in six months.
Japan's Nikkei share index suffered another bruising day after the yen rallied against the dollar in New York as investors looked for safer investments.
Tokyo's benchmarkek Nikkei index tumbled 1.94 percent, or 304.33 points, to 15,391.56, while the Topix index of all first-section shares lost 1.78 percent, or 22.92 points, to finish at 1,264.60.
"There is no panic, but some players are definitely taking money off the table in light of the Nikkei's faltering upward momentum, and a good chance for profit-taking in banks and real estate shares," an equity trading director at a foreign brokerage told Dow Jones Newswires.
Nissan slipped 0.21 percent to 932 yen following a report by the Nikkei business daily that the Japanese automaker and France's Renault are planning to boost their alliance.
The pair would bring together their production as well as research and development in a bid to save about $3.8 billion annually, it said.
Sony shares edged down 0.05 percent to 1,763 yen, Japan's biggest bank Mitsubishi UFJ lost 1.93 percent to 660 yen, while Uniqlo clothing chain operator Fast Retailing fell 1.57 percent to 38,215 yen.
Hong Kong's benchmark Hang Seng Index in Hong Kong fell 283.84 points or 1.25 percent to 22,450.06 on turnover of HK$77.25 billion ($9.97 billion).
Financial stocks Friday were hit particularly hard. China Construction Bank lost 0.92 percent to HK$5.40 whilst Bank of China saw a similar 0.90 percent fall off in its share price to HK$3.31.
The Industrial and Commercial Bank of China's share price closed at HK$4.76, a drop of 1.04 percent.
However shares of Chinese systems and software firm Citic 21CN more than quadrupled to HK$3.92 after e-commerce company Alibaba said it would pay HK$1.3 billion (US$171.2 million) for a majority stake in the company.
In contrast, Chinese shares closed up 0.60 percent. The benchmark Shanghai Composite Index rose 12.21 points to 2,054.39 on turnover of 82.3 billion yuan ($13.6 billion).
The index gained 2.47 percent for the week after hitting its lowest level in nearly six months on Monday.
"The market continued to rebound after the Shanghai index fell below the 2,000-point level," Central China Securities analyst Zhang Gang told AFP.
"It will likely remain on an upward trend before the Chinese New Year, given that all negative news including poor economic data has been factored in," he added. Chinese New Year starts on January 31.
The Sydney market fell 0.42 percent, or 22.1 points, to 5,240.9 and Seoul ended 0.36 percent lower, giving up 7.03 points to sit at 1,940.56.
South Korean electronics giant Samsung ended up 0.62 percent despite reporting its first fall in quarterly profit in two years owing to a one-off bonus, a strong won and slowing sales of its high-end smartphones.
On forex markets the yen benefited from the subdued mood. In New York the dollar dived to 103.34 yen Thursday from 104.39 yen earlier in the day in Tokyo. In afternoon Japanese trade the greenback was virtually unchanged at 103.36 yen.
In other currency trade the euro bought $1.3685 and 141.47 yen in Tokyo Friday, compared with $1.3692 and 141.49 yen in New York.
On oil markets New York's main contract, West Texas Intermediate for March delivery, was up 25 cents at $97.57 in afternoon trade while Brent North Sea crude for March rose two cents to $107.60.
Gold fetched $1,259.60 at 1100 GMT compared with $1,245.30 late Thursday.
In other markets:
-- Bangkok added 0.48 percent, or 6.29 points, to 1,314.63.
Airports of Thailand jumped 4.78 percent to 175.50 baht, while Siam Cement gained 1.46 percent to 416.00 baht.
-- Singapore closed down 0.78 percent, or 24.25 points, at 3,075.99.
Oil rig maker Keppel Corp eased 1.84 percent to Sg$10.68 while United Overseas Bank lost 0.54 percent to Sg$20.19.
-- Jakarta closed lower 1.31 percent, or 58.70 points, to 4,437.34.
Car producer Astra International lost 4.04 percent to 6,525 rupiah, while cement maker Semen Indonesia fell 2.35 percent to 14,550 rupiah.
-- Mumbai fell 1.12 percent, or 240.10 points, to close at 21,133.56.
Drugmaker Ranbaxy Laboratories dropped 19.33 percent or 80.65 rupees to end at 336.50 rupees after the US FDA suspended imports from the firm's fourth manufacturing facility in India.
-- Taipei ended flat, edging up 3.21 points to 8,598.31.
Hon Hai rose 1.31 percent to Tw$85.0 while Taiwan Semiconductor Manufacturing Co. was 0.47 percent higher at Tw$108.0.
-- Wellington fell 0.76 percent, or 37.38 points, to 4,873.69.
Telecom slipped 1.05 percent to NZ$2.36, Fletcher Building eased 2.7 percent to NZ$8.88 and Contact Energy was off 3.2 percent at NZ$5.07.
-- Manila rose 0.35 percent, or 21.45 points to 6,191.50.
BDO Unibank rose 2.19 percent to 81.75 pesos while SM Prime Holdings gained 2.21 percent to 14.80 pesos.
-- Jakarta closed 58.70 points, or 1.31 percent, lower at 4,437.34.
Car producer Astra International lost 4.04 percent to 6,525 rupiah, while cement maker Semen Indonesia fell 2.35 percent to 14,550 rupiah.
-- Singapore closed down 0.78 percent, or 24.25 points, at 3,075.99.
Oil rig maker Keppel Corp eased 1.84 percent to Sg$10.68 while United Overseas Bank lost 0.54 percent to Sg$20.19.
-- Kuala Lumpur lost 5.74 points, or 0.32 percent, at 1,802.57.
UEM Sunrise declined 2.8 percent to 2.08 ringgit while Hong Leong Financial Group lost 2.1 percent to 15.20 ringgit.
