News Column

Asia stocks muted by China tensions

May 28, 2014



TOKYO, Rajab 28, 1435, May 27, 2014, SPA -- Asian stock markets were muted Tuesday as tensions flared between China and Vietnam over a territorial dispute, AP reported.

In Asia, shares were mixed after Vietnamese state media reported that a Chinese fishing vessel rammed and sank a Vietnamese fishing boat in the South China Sea, where the countries have overlapping territorial claims. Tensions rocketed this month after China sent an oil rig into seas near disputed islands.

Tokyo'sNikkei 225 closed up 0.2 percent at 14,636.52 after surging earlier in the day to its highest level since early April.

The release of data Tuesday showing resilient business conditions and rising producer prices, and the yen's steadiness against the dollar, araised confidence in Japan's economic recovery.

South Korea's Kospi fell 0.6 percent to 1,997.63 and Hong Kong'sHang Seng index slipped 0.1 percent to 22,944.30.

Shares gained in Taiwan and Malaysia but fell in Australia, New Zealand, Singapore and Shanghai.

With Thailand in the midst of a military coup and China at odds with Vietnam and other neighbors, investors are feeling cautious, said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.

In other markets, the euro fell to $1.3642 from $1.3648 on Monday. The dollar eased to 101.87 yen from 101.91 yen.

In energy markets, benchmark crude for July delivery was down 7 cents to $104.28 in electronic trading on the New York Mercantile Exchange.

--SPA

13:35 LOCAL TIME 10:35 GMT

All Rights Reversed for Saudi Press Agency Provided by SyndiGate Media Inc. (Syndigate.info).


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Source: Saudi Press Agency (Saudi Arabia)


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