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Asian markets oscillate between gains and losses

by Himanshu Singh on Jan 14, 2013 at 03:57

Asian stocks oscillated between gains and losses as Singapore property developers declined after the government rolled out additional cooling measures.

The MSCI Asia Pacific Excluding Japan Index lost 0.1% to 476 as of 10:32 a.m. in Hong Kong. Singapore’s Straits Times Index and Taiwan’s Taiex dropped 0.7%, while South Korea’s Kospi Index rose 0.2%. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index both gained 0.3%.

Australia’s S&P/ASX 200 Index added 0.3%, paring earlier gains as home-loan approvals unexpectedly dropped in November. The Japanese equity market is shut for a holiday.

CapitaLand Ltd. and City Developments Ltd., Singapore’s biggest developers, fell more than 5%. Li & Fung Ltd., the world’s largest supplier of clothes and toys to retailers, plunged 15% in Hong Kong after posting a 40% decline in operating income last year.

Northern Star Resources Ltd., an Australian gold producer, rose 4.2% in Sydney after reporting increased output.

Meanwhile, the yen plumbed a 2-1/2 year low against the dollar today as Japan's central bank faced further political pressure to deliver bold stimulus.

Prime Minister Shinzo Abe on Sunday said the Bank of Japan must set a 2% inflation target and make it a medium-term, not long-term, goal to pursue bold monetary easing.

A slide in oil prices was also stemmed amid optimism about the global economy. US crude rose 29 cents to $93.85 a barrel, recovering from Friday's 26-cent fall, while Brent crude was little changed at $110.62 a barrel.