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Thursday, January 5, 2012

Asian Markets Update January 5, 2012

Chinese stocks finished at their lowest level in nearly three years to lead broad losses among major Asian markets Thursday, as worries about the property sector and tight liquidity conditions hit investor sentiment.
 
Dow Jones Industrial Average futures were down twenty two points in screen trade.
 
Japanese and Australian stocks also declined as investors turned more cautious after Wednesday's rally amid more fears over Europe's debt problems. Energy producers, lifted by rising crude-oil prices, boosted Hong Kong's benchmark.

In China, the Shanghai Composite fell 1% to 2148.45, dropping to its lowest closing level since March 13, 2009 and again failing to latch on to early gains. The Shenzhen Composite plunged 3.5% to 813.99.

The ChiNext Price Index, a subindex of the Shenzhen Stock Exchange, tumbled 5.7% while another subindex, the SME Price Index, the barometer of small- and medium-sized firms listed on the SME board, ended 3.5% lower.

In other markets, Japan's Nikkei Stock Average lost 0.8% to 8488.71, Australia's S&P/ASX 200 index fell 1.1% to 4142.70 and South Korea's Kospi slipped 0.1% to 1863.74. In Mumbai, the Sensex fell 0.2% to 15857.08.

Among the gainers, Hong Kong's Hang Seng Index added 0.5% to 18813.41 and Taiwan's Taiex rose 0.7% to 7130.86.

Some Chinese banks bucked the trend, with China Construction Bank rising 1.8% in Shanghai and adding 0.4% in Hong Kong.

Japanese technology shares lost ground as the euro weakened against the yen. Sony lost 2.2% and Casio Computer gave up 1.5%.

Chip maker Elpida Memory sank 7.4%, after the company confirmed a report that it is in discussions with some of its clients about possibly receiving financial support from them.

Commodity-linked stocks mostly outperformed in Hong Kong, but declined in Sydney after recording solid gains Wednesday. Cnooc climbed 2.8% to extend a string of recent gains, while PetroChina added 1.6% in Hong Kong. In Sydney, BHP Billiton dropped 1.1% and Alumina lost 3%.

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