Asian Stocks Drop From 3-Month High as Samsung Drags Tech Shares

  • Samsung leads drop in technology stocks after bribery probe
  • Japanese drugmakers rise after Trump speech depressed shares

Asian stocks retreated from the highest close since October, led by a drop in technology and financial stocks. Samsung Electronics Co. slid after prosecutors questioned Vice Chairman and heir apparent Jay Y. Lee in an influence-peddling probe that has reached the highest levels of government and business in South Korea.

The MSCI Asia Pacific Index fell less than 0.1 percent as of 4:27 p.m. in Hong Kong, ending a four-day rising streak and capping the weekly gain at 1.6 percent. Samsung Electronics slid the most in two months, while Seven & i Holdings Co. surged the most in three years after quarterly profit beat estimates.

“Investors are locking in some of their gains,” Kim Kwie Sjamsudin, head of research at Yuanta Securities Indonesia, said by phone. “Volatility will remain and emerging markets will continue to be vulnerable with the likelihood of more hawkish policy from the Fed.”

Summary

  • Nikkei 225 Index +0.8%, Topix +0.6% in Tokyo; Seven & I +8.6%, Takata +16% as said to be near $1b air-bag settlement with U.S.
  • Hang Seng Index +0.5%; Hang Seng China Enterprises Index +0.7%, Shanghai Composite Index -0.2%
  • New Zealand’s S&P/NZX 50 Index -0.2%; Australia’s S&P/ASX 200 Index -0.8%; South Korea’s Kospi index -0.5%, Samsung Electronics -3.5%; Taiwan’s Taiex index -0.3%
  • Philippine Stock Exchange Index -0.4%; FTSE Bursa Malaysia KLCI Index -0.3%; Straits Times Index +0.8%; Jakarta Composite Index -0.1%; Thailand’s SET index +0.2%, India’s Sensex index -0.2%

For more Asia stock market news:
Samsung’s Lee Questioned for 22 Hours in Korea Bribery Probe
Takata Said Near $1 Billion Air-Bag Settlement With U.S.
Bank of Korea Holds Rate at Record Low; Reviews Economic Outlook

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