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Wall Street tumble knocks Asian stocks
Posted: 27 October 2009 1550 hrs
SINGAPORE: Asian shares fell on Tuesday as losses on Wall Street spooked investors across the region, analysts said.
In Japan, the benchmark Nikkei-225 index closed 1.45 per cent or 150.16 points weaker at 10,212.46, while the broader Topix index of all first-section shares lost 15.24 points, or 1.67 per cent, to 895.48.
Chinese shares were down 1.77 per cent by midday with metal stocks affected by lower prices in the international market and banks tumbling on profit-taking.
The Shanghai Composite Index, which covers both A and B shares, was down 55.03 points to 3,054.54.
"The markets today are reflecting the deterioration in risk appetite that occurred in US trading yesterday and to some degree in Europe," said Dariusz Kowalczyk, chief investment strategist with securities firm SJS Markets.
"So that has dampened optimism and pushed investors away from risk assets and there is some negativity in our region in correlation with that," he told AFP from Hong Kong.
US stocks closed lower on Monday for the second straight session with the Dow Jones Industrial Average tumbling 104.22 points or 1.05 per cent to finish below 10,000 again, at 9,867.96.
The tech-heavy Nasdaq dropped 12.62 points or 0.59 per cent to 2,141.85 and the broad-market Standard and Poor's 500 index slid 12.65 points or 1.17 per cent to 1,066.95.
Kowalczyk said Asian investors may have also been cautious as they awaited the release later on Tuesday of a widely monitored US consumer confidence index by the Conference Board, a business research firm.
"It is likely to disappoint markets," he said.
Elsewhere in the region, South Korea's benchmark KOSPI index closed 0.46 per cent or 7.58 points lower at 1,649.53 and Taiwan's weighted index finished 0.14 per cent or 11.06 points down at 7,657.34.
In the Philippines, share prices closed 0.20 per cent or 5.79 points weaker at 2,935.74.
"The influence of the US market is part of the reason for the downturn," said Erwin Balita of SB Equities Inc.
"The Dow has been down for the past two sessions and investors are waiting for the Dow to stabilise first."
In Hong Kong, shares ended the morning lower with the benchmark Hang Seng Index falling 1.46 per cent or 330.21 points at 22,259.52.
Singapore's Straits Times Index was down 0.72 per cent or 19.60 points at 2,697.02 in early afternoon trade.
Posted: 27 October 2009 1550 hrs
SINGAPORE: Asian shares fell on Tuesday as losses on Wall Street spooked investors across the region, analysts said.
In Japan, the benchmark Nikkei-225 index closed 1.45 per cent or 150.16 points weaker at 10,212.46, while the broader Topix index of all first-section shares lost 15.24 points, or 1.67 per cent, to 895.48.
Chinese shares were down 1.77 per cent by midday with metal stocks affected by lower prices in the international market and banks tumbling on profit-taking.
The Shanghai Composite Index, which covers both A and B shares, was down 55.03 points to 3,054.54.
"The markets today are reflecting the deterioration in risk appetite that occurred in US trading yesterday and to some degree in Europe," said Dariusz Kowalczyk, chief investment strategist with securities firm SJS Markets.
"So that has dampened optimism and pushed investors away from risk assets and there is some negativity in our region in correlation with that," he told AFP from Hong Kong.
US stocks closed lower on Monday for the second straight session with the Dow Jones Industrial Average tumbling 104.22 points or 1.05 per cent to finish below 10,000 again, at 9,867.96.
The tech-heavy Nasdaq dropped 12.62 points or 0.59 per cent to 2,141.85 and the broad-market Standard and Poor's 500 index slid 12.65 points or 1.17 per cent to 1,066.95.
Kowalczyk said Asian investors may have also been cautious as they awaited the release later on Tuesday of a widely monitored US consumer confidence index by the Conference Board, a business research firm.
"It is likely to disappoint markets," he said.
Elsewhere in the region, South Korea's benchmark KOSPI index closed 0.46 per cent or 7.58 points lower at 1,649.53 and Taiwan's weighted index finished 0.14 per cent or 11.06 points down at 7,657.34.
In the Philippines, share prices closed 0.20 per cent or 5.79 points weaker at 2,935.74.
"The influence of the US market is part of the reason for the downturn," said Erwin Balita of SB Equities Inc.
"The Dow has been down for the past two sessions and investors are waiting for the Dow to stabilise first."
In Hong Kong, shares ended the morning lower with the benchmark Hang Seng Index falling 1.46 per cent or 330.21 points at 22,259.52.
Singapore's Straits Times Index was down 0.72 per cent or 19.60 points at 2,697.02 in early afternoon trade.
