Asian Stocks Fall After U.S. Shares Slide, Oil Stays Under $53by
Australia, New Zealand advance for the fourth straight day
Emerging markets lead declines in the region reversing gains
The MSCI Asia Pacific Index dropped 0.4 percent to 134.72 as of 4:10 p.m. Hong Kong time. Australia, New Zealand and Shanghai were the only markets in the region that advanced, while companies in the Philippines, Indonesia and India led declines.
“Moderate losses on Wall Street, underpinned by the fall in oil prices, are providing little inspiration for Asian markets today,” said Jingyi Pan, market strategist at IG Asia Pte in Singapore. Oil’s “been trending too low for too long; we need to get more trade going, the energy exploration companies, shipping companies need to grow. Whatever happens in Asia depends on the growth that will happen in the U.S.”
- The Hang Seng China Enterprises Index -1.4%; Shanghai Stock Exchange Composite Index +0.1%; Shenzhen Stock Exchange Composite Index -0.1%; Hong Kong’s Hang Seng Index -0.8% as rising funding costs weighed on property developers and a weakening yuan deterred investors from buying Chinese assets.
- Cnooc -2.1%; West Texas Intermediate for February delivery traded below $53 a barrel
- Singapore banks were the biggest drag on the MSCI South East Asia Index; UOB -1%, DBS -1.3%, OCBC -1.1%
- Australia’s benchmark index +0.5%; gains for fourth day
- Philippines’s online gaming stocks sink, dragging index to lowest level since Feb. 10; PCOMP -1.5%; PhilWeb -30%, DFNN -22%, Leisure & Resort -20; President Rodrigo Duterte said Thursday he’s ordering all online gaming sites closed
- Other markets: South Korea’s Kospi -0.1%; Singapore’s Straits Times Index -0.7%; Indonesia’s JCI -1.3%; Sensex -1%; Taiwan’s Taiex Index -0.9%; Thailand’s SET -0.3%; New Zealand’s benchmark gauge +0.7%
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