Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Oct 21. (AP)

TOKYO, Oct 22, (AP): Asian shares were mostly lower Wednesday on selling of technology shares following a lackluster day on Wall Street. U.S. futures edged higher, while crude oil prices rose more than $1 a barrel. Chinese markets retreated after US President Donald Trump cast doubt on whether or not he will meet with Chinese leader Xi Jinping later this month.

“Maybe it won’t happen, maybe it won’t happen,” he said while hosting a lunch for Republican Party senators at the White House. However, Trump also said he was expecting “to do well” in negotiations with China. “I’m going to see President Xi in two weeks. … We’re going to meet in South Korea, ” he said. “We’re going to talk about a lot of things they want to discuss.”

Trump is traveling in the next several days to Japan and South Korea, in part, to finalize the terms of investments from those countries as part of an agreement to minimize the tariff rates Trump is charging on foreign goods. Hong Kong’s Hang Seng dropped 0.8% to 25,819.10, while the Shanghai Composite index shed 0.1% to 3,914.97.

Japan’s benchmark Nikkei 225 wavered between slight gains and losses a day after its parliament chose Sanae Takaichi to be its first female prime minister. It closed almost flat at 49,307.79, pulled lower by declines for tech companies like SoftBank Group Corp., whose shares fell about 5%. The government reported that Japan’s exports grew 4.2% in September from a year earlier, boosted by robust shipments to Asia that offset a 13% decline in those destined for the US.

Auto shipments fell 24% as they were hit hard by Trump’s tariff hikes. Australia’s S&P/ASX 200 lost 0.7% to 9,030.00, while South Korea’s Kospi rose 1.6% to 3,883.68. Tuesday on Wall Street, the S&P 500 inched up a fraction of a point, leaving it just slightly below its all-time high set earlier this month. The Dow Jones Industrial Average rose 0.5% to a new record and the Nasdaq composite slipped 0.2%.

General Motors rallied 15.1% after reporting stronger quarterly results than analysts expected, while also raising its forecasts for some full-year financial targets. Warner Bros. Discovery leaped 10.9% after the company said it’s now considering other options besides its previously announced split of Discovery Global off Warner Bros., which could be more profitable for shareholders.

KUWAIT CITY, Oct 21: The local real estate market recorded mixed performance in various sectors in the second week of October. The coastal strip witnessed an unprecedented qualitative leap with a growth rate of 163.6 percent, with two transactions valued at more than KD8.7 million.

This entails the return of activity in this sector, which is usually associated with ‘heavy’ deals with a distinctive investment character. The newspaper obtained a copy of the weekly statistical report issued by the Real Estate Registration and Documentation Department at the Ministry of Justice, indicating the number of real estate transactions from Oct 12 to 16 totaled 143 worth KD123.3 million, compared to 175 transactions worth KD127 million in the first week of the month.

This is a decline of 18.3 percent in number and around three percent in value, indicating that the market entered a period of relative calm after a remarkable period of activity in early October. For the residential sector, its performance declined by 16.3 percent in number of transactions and 5.9 percent in value, recording 97 transactions worth KD43 million, compared to 116 transactions worth KD45.7 million in the previous week. Observers attribute this decline to the anticipated implementation of the Vacant Land Monopoly Law early next year, which led to hesitation in buying and selling decisions.

In contrast, the investment sector continued its positive performance, achieving a qualitative increase of 3.3 percent in value, through 40 transactions worth KD50.2 million, compared to 51 transactions worth KD48.6 million in the first week. This is a confirmation of the sustained attractiveness of the sector to investors seeking stable rental returns amid low interest rates.

The commercial sector maintained its numerical stability at four transactions, but recorded 24.3 percent decrease in value, reaching KD21.4 million compared to KD28.3 million in the previous week, indicating smaller transactions compared to the previous period.

Ahmadi Governorate topped the trading list with 40 transactions worth KD29.7 million, followed by Hawally Governorate with 37 transactions worth KD27.3 million, the Capital Governorate with 28 transactions worth KD38.7 million, Mubarak Al-Kabeer Governorate with 15 transactions worth KD8.8 million, Farwaniya Governorate with 12 transactions worth KD8.7 million, and Jahra Governorate with 11 transactions worth KD3.4 million.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

KUWAIT CITY, Oct 21: The Board of Directors of the Central Agency for Public Tenders (CAPT) recently decided to award three tenders for the maintenance of parts of the electrical grid, with a total cost of KD7.766 million. These tenders will be referred to the State Audit Bureau for audit and to obtain its opinion prior to the final contract approval. One of the tenders is for the supply and installation of medium-voltage (11 kV) and low-voltage lines and related works along Salmi Road at a total cost of KD2.354 million.

The other tender is for the maintenance and repair of insulated cable feeders in the southern part of the country at a cost of KD2.706 million, while the last tender covers the maintenance and repair of insulated cable feeders in the central area at a total cost of KD2.706 million. CAPT excluded the lowest bidders for non-compliance with the technical terms and specifications for the two cable feeder maintenance tenders.

Meanwhile, the statistical report issued by the Ministry of Electricity, Water and Renewable Energy in September revealed that the ratio of female to male appointments has shown a slower pace of growth, increasing by only 0.2 percent in the first nine months of this year. It disclosed that the total number of female employees appointed in January reached 9,770 (27.6 percent), which increased to 10,190 (27.8 percent).

By Mohammed Ghanem Al-Seyassah/Arab Times Staff