News Column

Asia finishes week strongly

February 15, 2014



Asian stock markets saw broad gains yesterday, making a strong finish to the week as they took their lead from Wall Street, which shrugged off lacklustre US economic data. Global markets have rallied this week, after a tumultuous period caused by the US Federal Reserve's decision to reduce its stimulus programme for a second time in two months. Sydney closed up 0.91 per cent, or 48.2 points, to 5,356.3 in a rally that came despite mixed earnings results, and Seoul's benchmark index gained 0.69pc or 13.32 points to 1,940,28. Hong Kong's Hang Seng rose 0.60pc or 132.88 points to 22,298.41 and Shanghai improved 0.83pc. Tokyo stocks bucked the trend, closing down 1.53pc or 221.71 points to 14,313.03 as the yen strengthened on the back of the disappointing US retail sales and jobless figures which raised more questions about the health of the world's biggest economy. But Shanghai shares rallied after data showed China's inflation was unchanged in January from a month earlier, despite analysts warning the figure suggested weak growth prospects for the world's second- largest economy. The benchmark Shanghai Composite Index ended up ended up 17.45 points to 2,115.85 on turnover of 97.4 billion yuan ($16.0bn). The index rose 3.49pc for the week. The Shenzhen Composite Index, which tracks stocks on China's second exchange, closed up 1.65pc, or 18.46 points, to 1,138.39 on turnover of 146.4bn yuan. It gained 3.61pc for the week. In other markets: Taipei rose 45.98 points, or 0.54pc, to 8,513.68. Wellington added 14.87 points or 0.31pc at 4,888.40. The Philippine stock market closed 0.20pc higher, with the composite index up 11.94 points to 6,113.66. Singapore closed down 0.04pc, or 1.19 points, at 3,038.71. Kuala Lumpur edged up 2.22 points, or 0.12pc, to close at 1,819.37. Jakarta was up 0.36pc, or 16.38 points, at 4,508.04. Mumbai rose 0.86pc, or 173.47 points, to 20,366.82.

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Source: Daily Tribune (Bahrain)


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