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Asian equities end choppy after previous session’s rally; investors eye US data

28 Mar 2012 Evaluate

Most of the Asian equity indices snapped the session in the negative territory on Wednesday after rallying the previous session on hopes for further stimulus from the Federal Reserve. Moreover, investors will be looking for clues from US durable goods orders data for February, due later in the day. Data on Tuesday showed Americans were more worried about inflation in March than at any time in the last 10 months and consumer confidence waned in the wake of higher gasoline prices.

Meanwhile, Chinese Shanghai ended down 2.65 percent, the biggest one-day percentage drop in four months, as weak corporate earnings reports increased worries over the domestic economy. China's industrial firms suffered a rare annual drop in profits in the first two months of 2012 mainly in petrochemicals, metals and auto firms, data showed on March 27, 2012. Moreover Seoul shares fell after putting in their best daily performance in two weeks on March 27, 2012, with investors taking profits in blue chip issues that have recently outperformed the market. While, Tokyo stocks fell 0.71 percent following a weak performance on Wall Street, despite a surge from electronics maker Sharp on a capital deal with Taiwan’s Hon Hai.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,284.88

-62.30

-2.65

Hang Seng

20,885.42

-161.49

-0.77

Jakarta Composite

4,090.57

11.19

0.27

KLSE Composite

1,583.75

-4.35

-0.27

Nikkei 225

10,182.57

-72.58

-0.71

Straits Times

3,015.98

-2.93

-0.10

Seoul Composite

2,031.74

-8.02

-0.39

Taiwan Weighted

8,038.07

8.61

0.11

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