Asian Stocks Trade In Narrow Range Again
HONG KONG : Asian stock markets were mixed in early trade on Wednesday due to a lack of firm direction as dealers awaited the impact of key Chinese economic numbers.
Beijing said its trade surplus reached 7.61 billion dollars in February and its exports for that month totalled 94.5 billion dollars — up 45.7 percent year on year.
With no strong signals from the United States, regional investors were awaiting the figures from China that could dictate Beijing’s monetary policy.
China’s much-anticipated inflation figures are due for release on Thursday.
Shanghai shares rose 0.39 percent and Hong Kong added 0.41 percent, although trade was cautious amid fears China’s leaders could move to put a lid on lending in a bid to put the brakes on its fast-growing economy.
Singapore rose 0.64 percent.
Tokyo stocks were flat, with dealers unmoved by data showing Japanese core private-sector machinery orders, a key indicator of capital spending, fell 3.7 percent in January from the previous month, reversing a 20.1 percent rise in December.
The news was in line with market expectations and still showed a general improvement, Yumi Nishimura of Daiwa Securities Capital Markets told Dow Jones Newswires.
However, Australian shares dropped 0.29 percent in early trade, while Wall Street gave little for dealers to hold on to, adding just 0.11 percent, although trade and weekly jobless claims are scheduled to be released on Thursday, which could give some indication to the strength of the US economy.
There were still some concerns over the state of eurozone economies, with many dealers worried that Greece’s massive debt problems could seep into other European nations.
Portugal said this week it would cut spending, delay investment and sell state assets in an attempt to fix its finances.
Greek Prime Minister George Papandreou said Tuesday that President Barack Obama offered a “positive” verdict on European plans to thwart speculators blamed for deepening Greece’s crisis, in talks in Washington.
The euro was at 1.3599 dollars in Tokyo morning trade, compared with 1.3598 in New York late Tuesday, and at 122.37 yen against 122.35. The dollar inched up to 89.99 yen from 89.96.
Oil was lower in Asia, with New York’s main contract, light sweet crude for April delivery, 25 cents down at 81.24 dollars a barrel and Brent North Sea crude 20 cents off at 79.71 dollars.
Gold opened at 1,122.00-1,123.00 US dollars an ounce, down from Tuesday’s close of 1,123.00-1,124.00 dollars.
Sourced from: A Pakistan News
