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Asian Benchmarks Finish In The Red |
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8:37 AM EST March 14 2006 |
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Asian-Pacific benchmarks lost ground Tuesday as rising oil prices and concerns about higher interest rates discouraged investors from buying. The Nikkei slipped 0.8% to 16,238.36, ending a three-day rally during which the market surged 4.7%. The index was dragged by weakness in major shipping companies like Kawasaki Kisen Kaisha and tech stocks, such as Tokyo Electron. Taiwan weighted index led decliners, falling 1.3% on heavy sell-off. South Korea’s Kospi dropped 0.9%, Hong Kong’s Hang Seng lost 0.1% on property stocks, while New Zealand hit a fresh all-time high of 1.7% thanks to a lower NZ dollar. In currency trading, the dollar fell to 118.60 yen. |
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