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Indonesian Shares and Most Asian Shares Down

Kompas.com - 10/12/2010, 11:56 WIB

SINGAPORE, KOMPAS.com -Asian stock markets were mostly lower Friday, as many investors took to the sidelines after robust China trade data heightened concerns of an imminent rate hike from Beijing.

Japan's Nikkei Stock Average was off 0.2%, Australia's S&P/ASX 200 was flat, South Korea's Kospi Composite slid 0.3%, Hong Kong's Hang Seng Index shed 0.7% and China's Shanghai Composite rose 0.1%. Dow Jones Industrial Average futures were up 23 points in screen trade.

Markets in Asia, which were already on the back foot following a tepid finish on Wall Street on Thursday, remained wary after fresh Chinese data bolstered the case for further tightening.

“The market's a little nervous about the Chinese economic data due out (Saturday). In particular, the market's on edge about the (consumer price index) number,“ said David Taylor, markets analyst at CMC Markets in Sydney.

“The trade data out this afternoon certainly didn't do anything to ease concerns...it sends a message to the market that we are on the edge of another interest rate hike,“ Taylor said.

China's November trade data on Friday showed imports and exports both hitting records, with the trade surplus narrowing to $22.9 billion from $27.15 billion in October. China is set to release inflation data on Saturday and markets have continued to speculate about the prospect of a rate hike late on Friday or over the weekend.

In Shanghai, financial and consumer-related companies slid over policy tightening worries.

“The market opened lower mainly because many people expect the government may announce policy tightening either in the form of an interest rate hike, a hike of banks' reserves requirement ratio or both as soon as tonight before the release of November's (inflation data),“ said Wang Fan, an analyst at Donghai Securities. GF Securities was down 2.0%, Bank of China shed 0.3% and Zijin Mining Group fell 1.1%.

The Hong Kong market also was weighed by the China rate-hike concerns. Chinese property stocks were lower with China Overseas Land & Investment down 1.1% and China Resources Land off 0.7%.

Shangri-La Asia, which resumed trading earlier Friday, fell 4.8% in response to its 1-for-12 rights issue aimed at raising at least HK$4.69 billion for the repayment of bank loans. The hotel operator planned to sell no less than 240.7 million shares at an offer price of HK$19.50 each -- a 5.8% discount to its pre-suspension price of HK$20.70 Wednesday.

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