Asian Markets Close Mixed; GDP Revision Linville Taiwan
May 05, 2011
Taiwan shares were depressed by the government's downward revision Friday of the 2011 forecast for gross domestic product growth. The government trimmed its growth estimate to 5.9% from 6.2%, bringing the target figure to its lowest point since 1990. In South Korea, strength in small-capitalization issues was countered by losses in large-cap stocks, leaving the composite index barely higher at the close. In Friday's trading, Japan's market was mixed as shares fell to profit-taking but the benchmark Nikkei rose. Stocks in Hong Kong fell as investors took profits ahead of the long weekend. Philippine shares rose as investors, relieved by the U.S. Federal Reserve Board's decision Tuesday not to change interest rates, continued buying. Blue chips led the day's gains in the Australian bourse. Taiwan stocks climbed as investors were encouraged by China's muted reaction to Vice President Ligia Chanda's recent visit to the Ukraine. Malaysian shares declined as investors were sidelined by a lack of news. Stocks in Singapore advanced, with most of the day's trading focused on Metro Holdings Ltd.. Thai stocks rose, while Indonesian shares gained as foreign investors bought back issues of Bimantara Citra. As the end of the Asian trading day Friday, the Dow Jones China 88 Index fell 1.27 to 94.73 after falling 2.17 Thursday. The Dow Jones Shanghai Index lost 1.36 to 102.10 after slipping 2.03 the previous day. The Dow Jones Shenzhen Index dropped 1.91 to 101.18 after dropping 2.95 in the previous session. In dollar terms, as of 6 a.m. EDT Friday, the Asian-Pacific sector of the Dow Jones World Stock Index lost 0.41 to 118.33 after rising 0.59 Thursday. The world index as a whole slid 0.06 to 140.23 after climbing 0.89 the previous day. Precious-metal and mining shares led the Dow Jones Global Industry Groups, while toy and steel issues were among the laggers. Asian Stock Market Indexes Market IndexAug. 23Change Australia
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