• search

Mostly lower, Sydney hits one-month highs

Written by: Staff
|

HONG KONG, Mar 3 (Reuters) Asian stocks were mostly lower on Friday, with a short-lived jump in the yen weighing on Japanese exporters but gains in resource issues such as Woodside Petroleum helped lift Australian shares to a one-month high.

Data showing Japan's nationwide core consumer price index rose a bigger-than-expected 0.5 percent in January versus a year ago fuelled speculation the Bank of Japan will soon end its ultra-loose monetary policy, sending the yen briefly higher.

''The figures hit the upper estimate, and now the focus is on the Bank of Japan (policy meeting) next week,'' said Koji Fukaya, chief economist at the Bank of Tokyo-Mitsubishi UFJ economic research office.

At 0025 GMT, Tokyo stocks <.had lost 0.56 percent as major exporters such as Canon Inc., Toyota Motor and Sony all fell.

Teikoku Oil added 0.5 percent after oil rebounded above a barrel. U.S. crude was at a three-week high of .71 in early Asian trade.

In South Korea, falls of over 1 percent for market heavyweight Samsung Electronics, Hynix Semiconductor and LG Electronics sliced 0.45 percent off the key KOSPI index ''The U.S. markets fell and that's going to pressure shares, but it's also likely some investors could come back to the market after the two-day correction,'' said Park Suk-hyun, an analyst at Kyobo Securities.

But a gain of nearly 3 percent for Woodside Petroleum and 0.9 percent for global miner BHP Billiton helped lift the S&P/ASX 200 index 0.49 percent. Earlier, the market hit a high of 4,939.5 -- a level last seen in Feb. 2.

Gold producer Newcrest Mining climbed 1.7 percent as traders bet the price of bullion, holding just below last month's 25-year highs, will hit new peaks in coming days.

On Wall Street, blue chip stocks shed 0.25 percent while the tech-heavy Nasdaq Composite Index dipped 0.15 percent.

REUTERS DH RAI0722

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more