Marts mixed after weak US growth data

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HONG KONG: Asian markets were mixed yesterday while the dollar slipped after US economic growth data came in below forecast owing to deep federal spending cuts.

With Tokyo and Shanghai closed and the May Day bank holiday coming up on Wednesday, trading was quiet, while there were few other catalysts to drive activity.

Sydney closed up 0.56 per cent or 28.3 points, while Seoul ended down 0.20 per cent, or 3.86 points, to 1,940.70.

The main focus was Friday’s release in Washington of data showing the world’s biggest economy expanded 2.5 per cent in the January-March quarter.

In other markets:

* Taipei rose 0.10 per cent, or 7.68 points, to 8,029.74. Taiwan Semiconductor Manufacturing Co was 0.46 per cent lower at T$ 108 while chip design house MediaTek added 1.83 per cent to T$ 361.5.

* Manila ended flat, adding 2.91 points to 7,028.35. Philippine Long Distance Telephone Co was 0.20 per cent higher at 2,998 pesos and the LT Group rose 2.90 per cent to 24.80 pesos.

* Wellington ended 0.71 per cent, or 32.25 points, up at 4,580.96. Xero was 1.7 per cent higher at NZ$ 14.04, Telecom added 1.2 per cent to NZ$ 2.60 and Sky Television was up 1.1 per cent at NZ$ 5.64.

* Jakarta rose 0.43 per cent, or 21.25 points, to 4,999.75. Indocement Tunggal Prakarsa rose 1.39 per cent to 25,500 rupiah while retailer Hero Supermarket fell 1.58 per cent to 4,675 rupiah.

* Bangkok added 0.13 per cent, or 2.00 points, to 1,584.93. Telecoms company Total Access Communication jumped 6.76 per cent to 118.50 baht and Airports of Thailand rose 4.35 per cent to 144.00 baht.

* India’s Sensex index rose 0.52 per cent or 100.78 points to 19,387.5 points, led by strong earnings growth in some blue-chip index stocks. Hindustan Unilever, the local arm of food giant Unilever, rose 6.98 per cent to 497.6 rupees on better-than-expected quarterly profits. AFP

Business Times : marketwatch

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