Traders Edge : Friday 19 February

Stocks on Wall Street closed lower on Thursday as investors shifted out of big technology names, while an unexpected rise in weekly US jobless claims pointed to a fragile recovery in the labor market.


The Chinese mainland A-share market faltered at the close on Thursday, the first trading day in the Year of the Ox, after a strong rally in the morning. The market’s moves were within expectations and the equities are likely to stage a bull run this year, given the solid fundamentals of China’s economy, analysts said.

The benchmark Shanghai Composite Index rose 0.55 per cent to close at 3,675.36, while the smaller Shenzhen Composite Index edged down 1.22 per cent.

The blue-chip CSI300 index hit a record of 5,891.72 points during early trading hours but ended 0.68 per cent lower.

In Hong Kong, the Hang Seng is down 1.58 per cent to 30,595.27.

Japan’s benchmark Nikkei share average inched lower on Thursday as investors tuned cautions about the sustainability of a recent rally above the 30,000 level, though sharp gains in Uniqlo operator Fast Retailing limited the decline.

The Nikkei 225 index settled down 0.19 per cent at 30,236.09, reversing earlier gain, while the broader Topix fell 1 per cent to 1,941.91.


European shares marked a third straight day of losses on Thursday as a clutch of disappointing earnings reports added to concerns over a quicker-than-expected spike in inflation due to higher commodity prices and a strong euro.

The pan-European STOXX 600 dropped 0.8 per cent, with oil and gas stocks leading losses despite higher crude prices.


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