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Asian stocks fall as US jobs report douses hope
Published in Saudi Press Agency on 03 - 07 - 2009


Most Asian markets fell Friday as a
weaker-than-expected U.S. jobs report signaled more pain
ahead for the world's largest economy, AP reported.
Losses across Asia were somewhat tame compared to Wall
Street, where markets pulled sharply lower. Oil prices
edged higher after tumbling overnight, while the dollar was
flat against the yen.
Optimism about the U.S. economy, a critical market for
Asian-made goods, buckled after the government said
employers slashed 467,000 jobs in June. That was far worse
than the 363,000 that economists predicted and marked the
first increase in monthly jobs losses since January. At the
same time, the unemployment rate hit 9.5 percent, the
highest since 1983.
Investors have sent markets surging between in recent
months after the global economy flickered to life as
companies began restocking their inventories and
international trade picked up modestly.
But the dreary news about America's labor market just
reinforced worries that a strong recovery in the U.S.
economy, even if the recession officially ends this year,
was unlikely anytime soon.
«The fundamentals of the economy are still not sound,»
said Arjuna Mahendran, head of Asian investment strategy at
HSBC Private Bank in Singapore. «You're going to see less
and less of these green shoots.»
Mahendran said equity markets could fall between 15
percent and 20 percent in the coming months.
Asian markets, after starting in the red, managed to trim
some of their losses.
Japan's Nikkei 225 stock average dropped 60.08, or 0.6
percent, to 9,816.07, and Hong Kong's Hang Seng was down
8.57 points, or 0.1 percent, to 18,168.44.
Australia's benchmark fell 1.4 percent, and Singapore's
main index was down 0.9 percent.
In Korea, the Kospi rebounded to close up 0.6 percent.
India's Sensex also turned around, adding 0.4 percent.
China's Shanghai Composite index was largely flat.
Despite recent losses, global markets just wrapped up one
of their strongest quarters in years. India, China and
other emerging markets were among the strongest performers
as investors' appetite for growth and riskier assets
returned.
For the second quarter, global investors channeled as
whopping $26.5 billion into funds that focus on equities in
developing market, according to a survey by EPFR Global, a
Boston-based firm that tracks global fund flow data. That
exceeded the previous record for a single quarter, the
$22.4 billion such funds attracted in the fourth quarter of
2007.


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