Market Updates

Asian Markets Finish Red

Elena
07 Mar, 2006
New York City

    Asian-Pacific benchmarks closed sharply down, hurt by losses on Wall street and awaiting the two-day policy meeting of the Bank of Japan. The Nikkei fell 1.1% on speculations the BOJ would tighten the ultra-easy monetary policy. Among the other outstanding losers, China Shanghai Composite plunged 2.3% on profit taking and South Korean Kospi dropped 2.1%. The dollar bought 117.83 yen.

8:00 AM ET - Asian Markets Close

Asian-Pacific benchmarks finished in the red, reflecting weak close on Wall Street and cautiousness ahead of Bank of Japan’s meeting on Wednesday. The Nikkei slipped 1.1% on speculations the BOJ could tighten its ultra-easy monetary policy. The dollar bought 117.83 yen.

Semiconductor-linked stocks declined on disappointing earnings from U.S. technology company Texas Instruments. Chip maker Elpida Memory fell 6%. Softbank slid 8.5% on reports that the Internet service company is in deal talks with British mobile-phone operator Vodafone.

South Korea’s Kospi tumbled 2.1%, China Shanghai Composite plunged 2.3% on profit taking by institutional investors, Hong Kong’s Hang Seng fell 1.3%, and Taiwan Weighted index dropped 1.2% on weakness in banking and tech stocks.

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