Asian Shares Swing in Light Trading After Trump Pulls Out of TPPBy
Materials shares lead gainers, financial stocks decline
Foreign institutional investors on sideline for now: Haitong
Asian shares fluctuated as Japanese equities fell after U.S. President Donald Trump signed an executive order to withdraw from the Trans-Pacific Partnership accord.
The MSCI Asia Pacific Index was down 0.1 percent as of 3:30 p.m. in Hong Kong, erasing earlier gains. Seven out of 11 industry gauges increased. The end of U.S. participation in the free trade agreement with 11 other nations including Japan unnerved investors on both sides of the Pacific. Oil rose as Iraq said it’s close to implementing its share of pledged output curbs.
"It’s not a substantial move because a lot of the foreign institutional investors are still waiting on the sideline to see some clarity" after Trump taking office, Andrew Sullivan, managing director for sales trading at Haitong International Securities Group Ltd. in Hong Kong, said by phone. "There are still a lot of uncertainties out there and that leads to very light volume in the markets."
- Volumes in Japan, China, H.K. and South Korea below 30-day avgs
- Financial group biggest drag on regional index; MUFG -2.7%, CCB -1%, Dai-ichi Life -3.2%
- Materials stocks lead advancers; BHP Billiton +2.4%, Rio Tinto +3.8%, South32 +6.3%
- Nikkei 225 -0.6%, Topix -0.6% in Tokyo; Otsuka Holdings +1.8% as stock included in the Nikkei 225
- Hang Seng Index +0.2%; Hang Seng China Enterprise Index +0.4%; Shanghai Composite +0.2%; Nine Dragons +11% after forecasting profit increase
- Australia’s S&P/ASX 200 Index +0.7%; New Zealand’s S&P/NZX 50 Index -0.1%; South Korea’s Kospi index little changed
- Philippine Stock Exchange Index -0.1%; FTSE Bursa Malaysia KLCI Index +0.4%; Straits Times Index +0.5%; Jakarta Composite Index +0.8%
For more Asia stock market news:
Japan Shares Drop After Trump Pulls Out of TPP, Yen Holds Gain
China Small-Cap Stocks Extend January Slump on Liquidity Squeeze
Asia Exporters May Fall as Trump Enacts Protectionist Policy
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