Asia Stocks Drop Amid Concern Over Global Tensions; India Gains

Updated on
  • Korean market tumbles for sixth day amid global tension
  • Indian consumer stocks help market end three-day decline

Asia stocks declined as South Korean shares fell on investors’ concern over geopolitical risk. Chinese shares also dropped amid worries about stricter regulation in financial market.

The MSCI Asia Pacific Index dropped 0.1 percent as of 5:32 p.m. in Hong Kong. South Korean equities retreated for a sixth straight day amid speculation the U.S. could act against North Korea after Friday’s strike on Syria. The Hang Seng China Enterprises Index closed 0.9 percent lower amid investor concern surrounding the probe of a top official in the insurance industry. India’s S&P BSE Sensex Index gained 0.7 percent, heading to the first gain in four days.

“Risk-off mood heightens for the market,” IG Asia Pte Ltd market strategist Jingyi Pan wrote in an emailed note. “Pressure from geopolitical tensions could weigh on investors’ minds and keep gains capped for local markets.”

Summary

  • Hang Seng Index -0.7%, Shanghai Composite Index +0.6%, Taiwan Stock Exchange Weighted Index -0.5%
    • Worst performers among HSCEI members: PetroChina -1.6%, China Galaxy Securities -1.5%, AgBank -1.4%, ICBC -1.4%
    • PBOC skips open market operations for 12th day in a row
  • Topix -0.3%, Nikkei 225 -0.3%
    • Sharp falls for fifth consecutive day; co. faces downside risks after short-covering rally, JPMorgan says
  • S&P/ASX 200 +0.3%, S&P/NZX 50 +0.2%
  • Straits Times Index -0.2%, FTSE Bursa Malaysia KLCI Index -0.2%, Jakarta Stock Exchange Composite Index -0.3%, Philippines Stock Exchange PSEi Index -0.2%
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