Asian stocks mostly down despite Wall St Record


(MENAFN- The Peninsula) Shanghai and Tokyo shares were hit by profit-taking Friday but most other Asian markets rose after a positive US lead as the Nasdaq broke a 15-year-old record high.

The euro advanced ahead of a euro zone meeting on Greece's debt crisis, while oil prices edged down after another rally that has been fuelled by worries about unrest in Yemen.

Tokyo, which hit a 15-year high Thursday after a three-day rally, slipped 0.83 percent. The index lost 167.61 points to end at 20,020.04, with a stronger yen also hitting exporters.

Shanghai gave back 0.47 percent, or 20.82 points, to 4,393.69, and Seoul fell 0.63 percent, or 13.61 points, to close at 2,159.80.

However, Sydney rallied 1.51 percent, or 88.53 points, to 5,933.3 as energy firms were helped by higher oil prices.

And Hong Kong jumped 233.28 points to 28,060.98 - the first time it has ended above 20,000 since December 2007 - boosted by ongoing hopes for more stimuli to boost the Chinese economy.

With few catalysts in Asia, investors tracked their US counterparts, where the tech-heavy Nasdaq passed its previous record high set at the peak of the dot-com boom.

The index added 0.42 percent to finish at 5,056.06, finally making up the nearly 4,000 points lost in a stunning crash that followed the previous closing high set on March 10, 2000.

The Dow gained 0.11 percent and the S&P added 0.24 percent.

Thursday's advances came despite official data showing fresh claims for US unemployment insurance benefits edged up marginally, while sales of new homes plunged in March after a sharp rise in February.

The figures will further muddy the waters for the Federal Reserve as it debates when to hike record-low interest rates.


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