Asia Stocks Fall After Selloff in Hong Kong, Technology SharesBy
Tokyo stocks weighed down by yen after missile launch
Australian banks bounce back from declines amid rate decision
Asian stocks retreated as Hong Kong equities plunged the most in eight months and technology companies continued a global sell off.
The MSCI AC Asia Pacific Index fall 0.4 percent as of 5:10 p.m. Hong Kong time. The Hang Seng Index dropped 1.5 percent as profit taking in some of the city’s top performing shares sparked a wider selloff. Japan shares closed lower after North Korea test-fired a ballistic missile, sending the yen higher.
“We had the backdrop of higher U.S. equities and oil markets boosting Asian markets at the start of the session,” said Jingyi Pan, a market strategist at IG Asia Pte. “However, as concerns surrounding the firing of ballistic missiles brewed midday, we are seeing the slide in the Japanese market spreading across to the rest of Asia.”
Australia bucked the trend as bank stocks rebounded from a two-day selloff, driving to the benchmark index 1.8 percent higher. The nation’s central bank kept its benchmark interest rate unchanged Tuesday as it waits to see if wages will respond to a burst of hiring.
- Topix -0.3%, Nikkei 225 -0.1%
- Hang Seng Index -1.5%, Hang Seng China Enterprises Index -1%; Shanghai Composite Index -0.4%; Taiex -0.6%
- Australia’s S&P/ASX 200 Index +1.8%
- Australian Retailers Surge as Economic Data Tops Estimates
- Kospi -0.6%, Kospi 200 Index -0.6%
- Straits Times Index -0.4%, FTSE Bursa Malaysia KLCI Index -0.4%, Philippine Stock Exchange PSEi Index -0.4%, Stock Exchange of Thailand Index -0.3%, Vietnam Ho Chi Minh Index -0.4%, Jakarta Composite Index -0.8%
- Sensex Index +0.2%, Nifty 50 Index +0.2%