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HONG KONG, Oct 13 (AFP): Asian stocks closed weaker Thursday amid on-going fears surrounding inflation and another possible rise in US interest rates, but a late technical rebound took the markets of their lows, dealers said.
They said the turnaround was nonetheless cautious following another poor performance by Wall Street overnight, and investors were now sidelined ahead of the release of US inflation data, due out Friday.
MUMBAI: Share prices tumbled 1.92 percent in line with regional falls after Wall Street again registered another poor performance amid rising oil prices, higher inflation and the prospect of further hikes in interest rates.
The Sensex index closed 163.66 points lower at 8,376.90.
KARACHI: Share prices closed 0.33 percent lower on profit-taking after the market rose sharply on optimism that the devastating earthquake would offer business opportunities.
Dealers said investors booked profits in major stocks after healthy gains in the last two sessions but overall sentiment remained strong.
The 100 Index shed 29.80 points to 8,762.14.
TOKYO: Share prices staged a late rebound to close little changed, struggling to shake off a weak performance on Wall Street where prospects of rising interest rates unsettled investors.
"Share prices declined as investors continued to cash in gains given the bearish (negative) tone on the New York market," said Yutaka Miura, a senior strategist at Shinko Securities.
SEOUL: Share prices closed 1.94 percent lower as Samsung Electronics tumbled nearly three percent amid heavy foreign selling and mounting concerns ahead of its third quarter results due Friday.
Dealers said most IT stocks took a hit from disappointment at Apple's quarterly sales although Hynix Semiconductor helped the market finish off its lows by reporting stronger-than-expected earnings for the third quarter.
HONG KONG: Share prices closed 0.32 percent higher, recovering from early losses on interest in selected blue chips after sharp falls Wednesday.
Dealers said the benchmark index rebounded from early weakness even though investors remained cautious about the extent of possible interest rate hikes before the end of the year and uncertainty over the strength of the US economy.
TAIPEI: Share prices closed 0.46 percent lower, extending losses as the key technology sector continued weaker after only cautious guidance on the flat panel industry from LG Philips LCD.
Dealers said it was unclear whether the market still has further to fall in the current correction, which has lasted six days so far, and noted that the local dollar continued weaker, suggesting further fund outflows.
SHANGHAI: Share prices closed 0.79 percent lower on profit-taking after recent gains, with metal firms weighed down by falling prices and automakers in the firing line once again.
Dealers said the losses were not unexpected and the market appears to be consolidating around current levels as investors prepare for upcoming third quarter results.
SINGAPORE: Share prices closed little changed as profit-taking in selected blue chips offset gains in technology and banking stocks.
"It is quite a choppy day," Fraser Securities research head Najeeb Jarhom said. "But the index is holding very strongly above 2,300. It's still on an uptrend."
He sees the market resistance at 2,350-2,360 points and support at 2,310.
KUALA LUMPUR: Share prices closed 0.15 percent lower after further falls on Wall Street overnight sparked a broad retreat in regional markets.
Dealers said investors were generally cautious and reluctant to take heavy positions given the absence of market-stimulating news.
The Kuala Lumpur Composite Index lost 1.37 points to 927.12. Volume was 347.42 million shares, worth 477.99 million ringgit (127 million dollar).
BANGKOK: Share prices closed 0.69 percent lower in line with a fall on Wall Street and amid rising concern over Thailand's inflation rate.
The composite index fell 4.88 points to 704.32. Turnover stood at 1.7 billion shares worth 10.8 billion baht (263 million dollars).
JAKARTA: Share prices closed 1.13 percent lower, led by banks such as Bank Central Asia on concerns that rising interest rates will hurt earnings.
The composite index closed down 12.445 points at 1,090.535 on volume of 1.13 billion shares worth 862.14 billion rupiah (81.40 million dollars.)
MANILA: Share prices closed 0.16 percent lower, with investors largely marking time in the absence of any fresh positive leads.
The composite index fell 3.25 points to 1,955.01. Volume was 404.3 million shares worth 1.05 billion pesos (18.9 million dollars).
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