Agence France-Presse
11:34 pm | Monday, April 29th, 2013
A woman look at an electronic stock board of a securities firm in Tokyo on April 25, 2013. Asian stocks were mixed on Monday, April 29, 2013, while the dollar slipped after US economic growth data came in below forecast owing to deep federal spending cuts. AP PHOTO/KOJI SASAHARA
HONG KONG—Asian markets were mixed on Monday 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.
Hong Kong rose 0.15 percent, or 33.06 points, to 22,580.77, Sydney closed up 0.56 percent, or 28.3 points, while Seoul ended down 0.20 percent, 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 percent in the January-March quarter.
While the figures from the Commerce Department marked a solid rebound from 0.4 percent growth in the previous three months, they were lower than the 2.8 percent economists had predicted.
The US economy has been hit by the “sequester” spending cuts worth tens of billions of dollars that kicked in at the start of March and which lawmakers are no closer to resolving owing to political gridlock.
However, the results reinforced expectations that the Federal Reserve would not tighten monetary policy in the near future.
Investors are now waiting to see what emerges from the Fed’s two-day policy board meeting beginning on Tuesday.
On Wall Street Friday the Dow ended flat, the S&P 500 dipped 0.18 percent and the Nasdaq lost 0.33 percent.
“Friday’s soft reading from the US will strengthen the hand of those at the (Federal Reserve) who want the pace of monetary stimulus maintained,” Niall King, a sales trader at CMC Markets said in a note to clients, according to Dow Jones Newswires.
The dollar sank in New York on Friday to 97.99 yen and on Monday fell further in Asia, buying 97.72 yen.
The euro bought $1.3082, compared with $1.3029 in New York late Friday, while the single currency was at 127.84 yen, from 127.76.
Dealers will be looking to several events this week, including the release of Chinese manufacturing numbers, a European Central Bank policy meeting and US non-farm payroll figures.
Oil prices were mixed, with New York’s main contract, light sweet crude for delivery in June, up 30 cents to $93.30 a barrel. Brent North Sea crude for June shed 20 cents to $102.96 in the afternoon.
An ounce of gold fetched $1,470.70 at 1045 GMT compared with $1,465.00 late Friday.
In other markets:
– Singapore was up 0.39 percent, or 13.05 points, at 3,361.92.
DBS Bank added 0.86 percent to Sg$16.36 while food and beverage distributor Fraser and Neave gained 0.86 percent to Sg$8.25.
– Taipei rose 0.10 percent, or 7.68 points, to 8,029.74.
Taiwan Semiconductor Manufacturing Co. was 0.46 percent lower at Tw$108.0 while chip design house MediaTek added 1.83 percent to Tw$361.5.
– Manila ended flat, adding 2.91 points to 7,028.35.
Philippine Long Distance Telephone Co. was 0.20 percent higher at 2,998 pesos while the LT Group rose 2.90 percent to 24.80 pesos.
– Wellington ended 0.71 percent, or 32.25 points, up at 4,580.96.
Xero was 1.7 percent higher at NZ$14.04, Telecom added 1.2 percent to NZ$2.60 and Sky Television was up 1.1 percent at NZ$5.64.
– Jakarta rose 0.43 percent, or 21.25 points, to 4,999.75.
Indocement Tunggal Prakarsa rose 1.39 percent to 25,500 rupiah, while retailer Hero Supermarket fell 1.58 percent to 4,675 rupiah.
– Bangkok added 0.13 percent, or 2 points, to 1,584.93.
Telecoms company Total Access Communication jumped 6.76 percent to 118.50 baht, while Airports of Thailand rose 4.35 percent to 144 baht.
– Kuala Lumpur slipped 0.19 percent, or 3.32 points, to 1,707.97.
IOI Corp. shed 1.6 percent to 4.96 ringgit, Genting Malaysia eased 1.3 percent to 3.67 ringgit and Bumi Armada gained 1.0 percent to 3.99.
– India’s Sensex index rose 0.52 percent, 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 percent to 497.6 rupees on better-than-expected quarterly profits. IT outsourcer Wipro rose 3.57 percent to 341.9 rupees.—Danny McCord
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