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March 3rd, 2009 at 6:35 am
Tokyo Briefly Hits 25-Year Low, But Asia Trims Losses
Stocks in Tokyo hit a 25-year low Tuesday and most major indexes in Asia were down, caught in the downdraft of risk aversion sparked by renewed concern over the global financial sector.
Japan’s broad Topix index hit a 25-year intraday low, while the Nikkei slipped to a four-month trough. However, there were signs that some investors were picking up bargains and shaving their safe-haven positions. The MSCI index of Asia-Pacific stocks outside Japan swung from a three-month low to show a small gain on the day and the dollar index backed off a three-year high reached in early dealings.
The Nikkei ended down 0.7 percent, trimming its losses after hitting a four-month closing low as banking shares fell, but investors picked up beaten-down exporters. Although the benchmark briefly turned positive in afternoon trade, it hovered just short of a 26-year low amid worries about the U.S. financial system. It slid as low as 7,088.47 in the morning — a level not seen since the 26-year low of 6,994.90 recorded late last October.
South Korea’s KOSPI ended 0.6 percent higher, erasing an earlier 2.55 percent decline, as technology and auto exporters rebounded, helped by lingering weakness in the won, but financials fell on continued global bank worries.
Australian stocks recovered two-thirds of their losses to close down 1 percent after the central bank held interest rates steady, which investors took as a thumbs up for the Australian economy. The market fell through a key support level at 3,200 in early trade. But it bounced back to hold above 3,200, considered an important psychological level as it was 50 percent below last year’s high, after the central bank surprised the market by holding rates at 3.25 percent.
Hong Kong shares closed 2.3 percent lower as Chinese counters picked up pace ahead of China’s annual parliamentary session this week.
Singapore’s Straits Times Index fell back into the red, ending 0.3 percent lower. Shares of Neptune Orient Lines, the world’s seventh largest container shipper, was down 5.2 percent after the company said it moved 35 percent less cargo in the six weeks to Feb 6, 2009 from a year ago.
China’s Shanghai Composite Index was down 1.1 percent on concern about the weakness of the U.S. financial system, but it came off its lows after nearing major technical support. Financial, coal and non-ferrous metal shares led the declines, partly on worries that the turmoil in the United States could mean long-term weakness in demand for commodities.
Bombay Stock Exchange’s Sensex ended at 8411.30, down 195.78, its lowest close since November 20, 2008. The index touched an intra-day low of 8390.21 and high of 8635.20. The index had closed at 8451.01 on November 20, 2008 and hit 52-week low of 7697.39 on October 27, 2008. Indian indices plunged in the last one of hour of trade as investors booked profits in frontline stocks.