Asian Stocks Record Week of Losses as Australia Eventually CavesBy
Australia’s benchmark index slips after rising for four days
South Korea stocks little changed as China continues slide
Asian shares fell for four out of five days this week, taking the lead from U.S. equities that declined as Treasuries and oil retreated.
The MSCI Asia Pacific Index dropped 0.2 percent to 134.52 as of 4:30 p.m. Hong Kong time. Australia’s benchmark index fell for the first day in four, led by declines in miners after the price of iron ore delivered to Qingdao in China declined for a fifth straight session on Thursday.
“Looking at the last few days, from a technical perspective we’ve seen this move up on lighter volume and it seems like all the buying pressure has been exhausted,” said James Woods, a Sydney-based investment analyst at Rivkin Securities, with regards to the A&P/ASX 200 Index. “On the daily time frame, the price remains modestly above the support zone 5,600 and 5,481, marked by previous highs over the past three years.”
- Australia’s benchmark index falls 0.3%, paring the week’s gain to 1.7%
- BHP Billiton -2%; Wesfarmers -0.8%; iron ore delivered to Qingdao, China dropped 3.8% on Thursday
- Tatts Group -2.9%; Tatts backs Tabcorp offer after rejecting bid from KKR-led group
- The Hang Seng China Enterprises Index -0.2%; Shanghai Stock Exchange Composite Index -0.9%; Shenzhen Stock Exchange Composite Index -1.1%; Hong Kong’s Hang Seng Index -0.3%
- Chinese indexes have been beaten down by regulatory shakeups, especially involving insurance companies, Woon Tian Yong, an investment analyst at Phillip Futures Pte Ltd. based in Singapore, said by phone. “This down move was exacerbated by bond selloffs,” he said
- Other markets: South Korea’s Kospi is little changed; Singapore’s Straits Times Index -0.3%; Indonesia’s JCI -0.3%; Sensex +0.5%; Taiwan’s Taiex Index -0.4%; Thailand’s SET +0.4%; New Zealand’s benchmark gauge +0.4%; Japan is closed for a holiday
For more Asia stock market news:
- Asia Stocks Week Ahead: Shimamura, BOJ Minutes, Vietnam GDP
- Asia’s Equity Market Closures: Holiday Advisory