Business

Published: Monday November 23, 2009 MYT 12:53:00 PM
Updated: Monday November 23, 2009 MYT 12:56:24 PM

Asia stocks mixed as figures on US economy awaited


SEOUL: Asian stock markets were mixed Monday after a decline on Wall Street and as investors hunkered down ahead of a stream of figures that could confirm the U.S. economy is recovering at a slower pace.

Trading was subdued with financial markets in Japan closed for a national holiday.

Oil hovered above US$78 a barrel while the dollar rose against the yen and fell versus the euro.

Hong Kong's Hang Seng index was up 140.15 points, or 0.6 percent, at 22,588.44.

South Korea's Kospi was off 2.72, or 0.2 percent, at 1,617.88.

Elsewhere, Australia's index gained 0.6 percent and China's Shanghai benchmark rose 0.1 percent.

Markets were lower in Indonesia, Malaysia, Thailand, New Zealand and the Philippines. Investors are cautious because of an upcoming slew of figures on the world's largest economy including revised GDP growth for the third quarter.

Many analysts expect the initial estimate of a 3.5 percent annual growth rate to be lowered.

Also due this week are reports on home sales, unemployment, consumer confidence and demand for big-ticket manufactured goods.

"Everybody is watching to see if the U.S. consumer will go out and spend," said Jackson Wong, vice president at Tanrich Securities in Hong Kong.

There's also a focus on the U.S. dollar, he said, after it regained strength amid safe haven buying sparked by Dell's gloomy business outlook and European Central Bank plans to start reining in stimulus programs.

Investors tend to seek refuge in the U.S. currency and gold when they perceive other assets such as emerging market stocks and commodities have become too risky.

Stocks, particularly in Asia, have risen dramatically from their lows in March but there are nagging doubts the global economic recovery isn't keeping up with the markets.

On Friday in New York, the Dow Jones industrial average fell 14.28, or 0.1 percent, to 10,318.16, skidding for the third straight session.

For the week, the Dow fell 119 points, or 1.1 percent.

The broader Standard & Poor's 500 index fell 3.52, or 0.3 percent, to 1,091.38, while the Nasdaq composite index, dominated by tech stocks like Dell Inc., fell 10.78, or 0.5 percent, to 2,146.04.

Investors sold U.S. stocks after Dell said net income dropped 54 percent in the third quarter and warned it faced an uneven recovery.

Oil prices rose with benchmark crude for January delivery up 73 cents at $78.20 on the New York Mercantile Exchange. The contract lost 58 cents to settle at $77.47 on Friday.

In currencies, the dollar rose to 88.88 yen from 88.79 yen. The euro rose to $1.4937 from $1.4859. - AP

(Bernama reported that at 12.30 p.m. Monday, there were 174 gainers, 356 losers and 226 counters traded unchanged on the Bursa Malaysia

The FBM-KLCI was at 1,272.45 down 1.91 points, the FBMACE was at 4,371.42 down 65.20 points, and the FBMEmas was at 8,493.28 down 11.58 points

Turnover was at 411.497 million shares valued at RM365.151 million.)


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