(MENAFN– ecpulse)
After the US equities sharply fell on Thursday Asian stocks were dragged lower. As the number of jobless claims fell near a six-year low last week in the US, the Federal Reserve is expected to start tapering its stimulus program, hurting sentiment in Asia.
- The MSCI Asia Pacific Index fell 0.5% to 134.23 as of 14:20 in Hong Kong
In Japan, the benchmark index fell for the second straight session paring the earlier losses as the yen weakened against the greenback. The slightly weaker yen pushed some industrial stocks higher, yet the weakness in key exporters capped the gains.
- Nikkei 225 closed 0.75% lower at 13650.11
- Topix closed 0.80% lower at 1142.65
In China the benchmark index was volatile, falling below 2,100 points in afternoon after rallying over 5% earlier. The gains were attributed to a possible cash reserve ratio cut for banks and erroneous trading orders.
- China’s CSI 300 Index closed 0.75% lower at 2304.14
- Hong Kong’s Hang Seng closed 0.10% lower at 22517.81
After gold prices hit a two-month high Australia’s benchmark index capped the heavier losses. Mining stocks surged however some financial stocks tumbled amid worries the US will soon reduce its stimulus.
- The S&P/ASX 200 closed 0.75% lower at 5113.86
- New Zealand’s NZX 50 closed 0.36% lower at 4513.88
In South Korea the benchmark index fell trying to catch up with the regions after being shut on Thursday for a public holiday. Shippers however rallied on optimism of an improvement relations with North Korea after Pyongyang agreed to re-open the Kaesong industrial zone.
- Kospi closed 0.20% lower at 1920.11
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