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| Subject: Investors had their hands all over Fed MoneySeptember 24th, 2013: VoyForums has completed its server and software upgrades. We are keeping a close eye out for problems, and apologize for any inconvenience the downtime has caused. | |
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] Date Posted: 06:25:59 09/25/13 Wed Asian Shares Lower Though Apple Suppliers Rise -- 3rd Update 24/09/2013 6:23PM --Asia lower on continued Fed concerns --Rupiah hits 4.5-year low against the dollar --Apple suppliers higher on iPhone sales (Adds information, quotes, updates/adds market levels) By Daniel Inman Asian stocks traded broadly lower in an aimless session Tuesday, while the rupiah hit a more-than four-year low against the dollar. Stocks continued to come down from initial excitement surrounding the U.S. Federal Reserve's decision last week to leave its bond-buying program unchanged. That gave markets in Asia a boost on Thursday, though stocks have weakened since then. "There hasn't been any major news today, and the weaker leads from Europe and Wall Street have simply been replicated in Asian markets," said Chris Weston, chief market strategist at broker IG. Wall Street ended Monday lower as investors continued trying to determine the Fed's monetary-policy plans. One official from the central bank said the economy isn't strong enough for a pullback of easy-money policies. Another lambasted the Fed for poor communication in the months leading up to the decision. In China, the Shanghai Composite fell 0.6%, paring some gains made Monday after data showed the country's manufacturing sector continues to stabilize. "The global growth story is real, but probably not enough to give equities an extra leg up right now," Mr. Weston said. "It would be healthy to have a bit of a pullback." In the currency market, the rupiah dropped to 11,525 to the dollar--a level not seen since April 2009--as the greenback rebounded against Southeast Asian currencies this week. The yen weakened to Y99.12 to the dollar late in Asia versus Y98.84 late Monday, helping the Nikkei 225 index to end flat. Australia's S&P/ASX 200 fell 0.4% with declines in local miners. Rio Tinto fell 0.8% and BHP Billiton declined 0.6%. South Korea's Kospi fell 0.1% and Hong Kong's Hang Seng Index declined 0.8%. Southeast Asian stocks also fell, with the Philippines PSE Composite 0.3% lower and Indonesia's JSX down 1.8%, the biggest decline in the region. A number of Asian companies supplying U.S. technology giant Apple moved higher Tuesday after the company reported a "record-breaking" opening weekend for its newest iPhones. Apple's stock finished 5% higher Monday, and on Tuesday, Murata Manufacturing Co. gained 1.5% in Tokyo, LG Display Co. 2.2% in Seoul and Hon Hai Precision Industry rose 0.9% in Taiwan. Write to Daniel Inman at daniel.inmam@wsj.com TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAsia@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments. (END) Dow Jones Newswires September 24, 2013 04:23 ET (08:23 GMT) Copyright (c) 2013 Dow Jones & Company, Inc. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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