Asian markets sink, led by losses in Hong Kong, South Korea

By On October 04, 2018

Asian markets sink, led by losses in Hong Kong, South Korea

Asian stocks took a turn for the worse after a mixed opening in Pacific Rim markets Thursday.

Japan’s Nikkei gave up early gains and was last down 0.3%. Totota 7203, +0.59% and SoftBank 9984, +1.31% shares rose, though, after reports that the companies will announce a partnership later in the day on autonomous driving and other technologies.

Hong Kong’s Hang Seng Index HSI, -1.87% was down 1.7%, led by Chinese companies, as JPMorgan shedded optimism about the mainland. Those standing out include oil major CNOOC 0883, -4.62% falling 2.8% and developer Country Garden 2007, -1.85% sliding almost 3%. Expecting a full-blown trade war by next year, JPMorgan dropped its rating on Chinese stocks to neutral while taking a negative outlook on the yuan and cutting GDP-growth views.

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Markets in mainland China remained closed for a weeklong holiday.

South Korea’s Kospi SEU, -1.52% sank more than 1% after news reports that the Bank of Korea may hike interest rates later this month. Cosmetics companies were also hit hard after a weak reading on Chinese consumers, with Amorepacific 090430, -13.99% down 10% and Cosmax 192820, -7.74% down 8%.

Australia’s ASX 200 XJO, +0.49% was the region’s sole bright spot, posting a 0.5% gain. New Zealand’s benchmark NZ50GR, -0.40% slipped, and indexes in Taiwan Y9999, -1.33% , Singapore STI, -1.20% and Indonesia JAKIDX, -0.13% were down about 1% each.

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Related Topics

  • Asia Markets

  • China

  • Japan

  • Australia

  • Singapore

  • Foreign Investment

Source: Google News South Korea | Netizen 24 South Korea

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