Tokyo led the decline in Asian markets on Friday, plunging 2.38 percent, following hefty falls on Wall Street, while China released data showing inflation picked up in March but was still below forecasts.
File photo: The Tokyo Stock Exchange.
HONG KONG: Asia’s markets fell on Friday following hefty plunges on Wall Street as US technology stocks suffered another sell-off, while China released data showing inflation picked up in March but was still below forecasts.
Tokyo led the decline, plunging 2.38 percent, or 340.07 points, to 13,960.05 — its lowest close in six months, while Seoul lost 0.56 percent, or 11.17 points, to 1,997.44 and Sydney shed 0.95 percent, or 52.15 points, to 5,428.6.
Shanghai slid 0.18 percent, or 3.76 points, to 2,130.54 and Hong Kong fell 0.79 percent, or 183.32 points, to 23,003.64 on worries over the world’s second biggest economy.
Asian markets struggled after the Nasdaq suffered another slump on Thursday on lingering fears that high-flying technology stocks like Facebook and Netflix may be overvalued.
The tech-weighed index plunged 3.10 percent, the biggest single-day percentage point drop since November 2011. The loss wiped out a two-day rally that picked up on Wednesday when the minutes of the latest Federal Reserve policy meeting suggested no support for an early rise in interest rates.
But Thursday’s rout spread to other stocks, with New York’s two other main indexes also hit. The Dow shed 1.62 percent and the S&P 500 was down 2.09 percent.
Michael James, managing director of equity trading at Wedbush Securities, said investors were reducing equity exposure across the board and added: “Lower prices were bringing out more sellers.”
He warned: “The market is on very shaky legs.”
In China the National Bureau of Statistics (NBS) said Friday inflation jumped to 2.4 percent last month, from 2.0 percent in February but short of the 2.5 percent estimated by economists.
While the figure will soothe fears of possible deflation in the world’s number two economy it is still well below the government’s annual target of 3.5 percent.
The government also said the producer price index fell 2.3 percent in March, accelerating from February’s 2.0 percent slip.
“The figures indicated that the domestic economy continued to slow down, so the market will likely keep consolidating,” Zheshang Securities analyst Zhang Yanbing told AFP.
On forex markets, the greenback changed hands at 101.80 yen in Asian afternoon trade, compared with 101.44 yen in New York. The euro rose to 141.46 yen from 140.88 yen and to $1.3895 from $1.3888.
Oil prices fell. New York’s main contract West Texas Intermediate (WTI) for May delivery eased 23 cents to $103.17 a barrel in afternoon trade while Brent North Sea crude dipped 19 cents to $107.27 for its May contract.
Gold fetched $1,316.40 an ounce at 0800 GMT, from $1,322.70 late Thursday.
In other markets:
— Taipei fell 0.45 percent, or 40.05 points, to 8,908.05.
Taiwan Semiconductor Manufacturing Co. rose 0.42 percent to TW$120.0 while Acer fell 1.56 percent to TW$18.9.
— Wellington shed 0.47 percent, or 24.06 points, to 5,091.43.
Online auction house Trade Me was down 2.01 percent at NZ$3.90 and Air New Zealand was off 0.96 percent at NZ$2.06.
— Manila slipped 0.63 percent, or 41.93 points, to 6,596.96.
Ayala Land shed 2.8 percent to 29.55 pesos while Philippine Long Distance Telephone dropped 0.36 percent to 2,744 pesos.
Source AFP
Đăng ký: VietNam News