LONDON, 14 October 2004 — The dollar was off earlier session highs but still relatively firm yesterday after currencies such as the Australian dollar and Canadian dollar faltered in the wake of a sharp retreat in commodity prices. The single European currency fell to 1.2252 dollars in late European trading from 1.2325 late on Tuesday in New York. The dollar climbed to 109.78 yen from 109.66 on Tuesday.
The euro was changing hands at 1.2252 dollars from 1.2325 late on Tuesday in New York, 134.70 yen (135.23), 0.6856 pounds (0.6875) and 1.5454 Swiss francs (1.5472). The dollar stood at 109.78 yen (109.66) and 1.2596 Swiss francs (1.2554). The pound was at 1.7896 dollars (1.7920), 196.45 yen (196.70) and 2.2546 Swiss francs (2.2492).
US stocks struggled for traction yesterday, as investors locked in gains after an early rally sparked by strong earnings reports from tech giants Intel and Yahoo. After giving back early gains, the Dow Jones Industrial Average dipped 36.43 points, or 0.36 percent, to 10,040.75 at 1550 GMT.
The tech-heavy NASDAQ composite climbed 7.33 points, or 0.38 percent, to 1,932.50 while the Standard and Poor’s 500 broad-market index dropped 3.83 points, or 0.34 percent, to 1,118.01.
Asian share markets closed little changed yesterday, steadying after the sharp losses sustained Tuesday as oil prices eased off record highs, dealers said.
Japanese share prices closed flat, shedding initial gains after profit-taking in the technology sector, dealers said. The Tokyo Stock Exchange’s benchmark Nikkei-225 index lost 5.82 points or 0.05 percent to 11,195.99, off a high of 11,306.87. The broader TOPIX index of all First Section shares fell 3.34 points or 0.30 percent to 1,123.46.
South Korean share prices closed 0.2 percent lower as foreign investors continued to sell down Samsung Electronics and other tech stocks on earnings concerns, dealers said. The KOSPI index fell 1.91 points at 856.18, off a high of 866.07 and a low of 852.65. Volume was 319 million shares worth 2.5 trillion won ($2.18 billion).
Hong Kong shares prices closed down 0.6 percent but were off the lows after profit-taking in property stocks following Tuesday’s strong government land auction eased, dealers said. The key Hang Seng Index closed down 80.01 points or 0.6 percent at 13,171.58, off a low of 13,093.98 and high of 13,301.33. Turnover was 20 billion Hong Kong dollars ($2.56 billion).
Taiwan share prices closed 0.28 percent lower in cautious trade after Intel’s after-hours gains on stronger-than-expected earnings largely offset a weaker Wall Street performance overnight, dealers said. The weighted index closed down 16.49 points at 5,963.07, off a high of 6,005.99 and a low of 5,957.47, on turnover of 73.65 billion Taiwan dollars ($2.18 billion). Decliners led risers 324 to 312, with 171 stocks unchanged.