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AONNY Aeon Co Ltd (PK)

21.74
-0.36 (-1.63%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Aeon Co Ltd (PK) USOTC:AONNY OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.36 -1.63% 21.74 21.28 22.25 21.99 21.73 21.74 10,999 21:02:42

ASIA MARKETS: Sensex Falls On Rate Hike; Asia Stocks Lower

20/09/2013 11:12am

Dow Jones News


Aeon (PK) (USOTC:AONNY)
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By Daniel Inman

Shares in Bombay led Asian markets lower on Friday after the Reserve Bank of India's surprise rate hike, while profit-taking hit stocks particularly sensitive to economic swings as well as most emerging-market currencies a day after strong gains.

Investor sentiment turned cautious in late Asian trade after the Reserve Bank of India raised its key lending rate by a quarter percentage point to 7.5% in a bid to curb inflation. None of the dozen economists polled by The Wall Street Journal had predicted the change in the key policy rate.

India's stock benchmark S&P/BSE Sensex fell 2.1%, while the U.S. dollar rose to 62.47 rupees, from 61.88 rupees before the announcement.

Friday was also a day of profit-taking in Asia after the U.S. Federal Reserve's decision to stick with its stimulus measures boosted regional markets in the previous session.

"Today looks like being one of those Fridays where markets take stock after a big news week," said Ric Spooner, chief market analyst at CMC Markets. "We may see some profit-taking by short term sellers disappointed that yesterday's strong upward momentum was not followed through," Mr. Spooner added.

Australia's S&P/ASX 200 fell 0.4%, Indonesia's JSX fell 1% and Thailand's SET dropped 0.5%.

Japan's Nikkei fell 0.2% as the U.S. dollar weakened slightly in Asia after it strengthened against the yen (USDJPY) Thursday. The greenback was at Yen99.25 Friday, after a 1.6% gain in the previous session.

In Sydney, resources plays and financials pulled back after their recent strong gains. BHP Billiton (BHP) lost 0.8%, Rio Tinto (RIO) fell 1.1% and Westpac (WBK) was down 0.7%.

In Tokyo, real-estate firm Mitsubishi Estate Co. (MITEF) rose 1% after the average land price in greater Tokyo, Osaka and Nagoya rose 0.1% on year as of July 1 , the first on-year rise in five years.

Also in Tokyo, retailer Aeon Co. (AONNF) dropped 0.5% after a Nikkei report said that the company's consolidated operating profit for the six months ended August 31 will likely fall short of market consensus.

Still, Southeast Asian markets looked set to post healthy returns for a week that was dominated by developments suggesting that U.S. monetary policy could remain easier than previously expected.

On Monday, stocks rose after Lawrence Summers withdrew from the race to become the next chairman of the Federal Reserve - a candidate expected to roll back the central bank's stimulus soon after taking the post.

Markets on Thursday received another boost from the Fed's surprise decision to keep its monetary policy steady, going against widespread expectations for the bank to start reducing its bond-buying program.

As a result Southeast Asian markets that had been beaten down over the summer made substantial gains. The fear of a removal of U.S. stimulus efforts, which had supported these small markets in recent years, prompted investors to pull their money out of countries like Indonesia and the Philippines.

The gains this week helped the recovery of these markets: Philippines' PSE Composite was 6.5% higher since last Friday and Thailand's SET jumped 5.7% over the same period.

Much of North Asia was closed for public holidays Friday, with mainland China, Hong Kong and South Korea shut. Markets in Shanghai and Seoul were closed on Thursday as well, which means that they haven't had a chance to react to the Fed's latest policy decision.

When these markets reopen Monday, there will also be a data point on the Chinese economy in the form of preliminary manufacturing data for September, a number that has impacted markets in recent months.

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