Saturday, May 30, 2015Saturday, May 30, 2015

Asian shares slip as Wall Street's record streak ends

Published on Jun 12, 2014 10:39 AM

HONG KONG (AFP) - Markets sank in Asian trade Thursday as Wall Street's record-breaking streak came to an end, while Tokyo was hit by a stronger yen as investors look ahead to a Bank of Japan policy meeting.

Tokyo tumbled 1.07 per cent with exporters hurt by the pick-up in the yen. Hong Kong lost 0.65 per cent, Sydney slipped 0.50 per cent, Shanghai shed 0.20 per cent and Seoul was off 0.25 per cent.

Investors stepped back after global markets enjoyed a rally at the start of the week in response to upbeat data from the United States, China and Japan.

While there was a certain amount of profit-taking, analysts suggested some of the losses could be attributed to the World Bank's decision to trim its 2014 global growth forecast to 2.8 per cent from a January estimate of 3.2 per cent.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!