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Nov. 9, 2018, 6:52 a.m. EST

China, Hong Kong lead Asian markets lower with financials under pressure

Nikkei falls from multi-week high; Hang Seng drops 2.5%

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By Dow Jones Newswires


AFP/Getty Images
Pedestrians walk beside a bamboo scaffolding frame attached to a building in Hong Kong.

Asian stock markets largely fell on Friday, erasing the week’s gains in Taiwan and Malaysia, while Japan’s Nikkei was barely hanging on to its advance. But the biggest drop was in Hong Kong, where stocks were down more than 2% to extend the week’s losses.

Aside from lingering worries over U.S.-China trade relations, investors weighed up data that showed consumer inflation ticking higher. Financials in China and Hong Kong came under pressure after the country’s banking and insurance regulator announced credit support for the private sector.

As well, losses Friday could be a fresh sign that last week’s start-of-November bounce which gave a number of Asian indexes their best week in years hasn’t erased market concerns which have been persisting for months.

“Though the mid-term elections are over, worries that the U.S.-China trade war will drag on for the long term are lingering,” said Norihiro Fujito , chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.51%   fell 1%, sliding from its 2½-week high Thursday. Nikon /zigman2/quotes/203281219/delayed JP:7731 -1.72%   tumbled 9%, while robot-maker Fanuc /zigman2/quotes/202054799/delayed JP:6954 -0.35%   slid around 5% and Nintendo /zigman2/quotes/208063194/delayed JP:7974 -0.34%   fell 2.6%.

After rising 6 of the past 7 trading days, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.32%   was down 2.4%. Tech remained weak, with smartphone-component makers AAC /zigman2/quotes/201441510/delayed HK:2018 -1.19%  down 1.6% after trimming earlier deeper losses, and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -1.74%  down some 1.3%; they’ve respectively slumped 19% and 12% this week, and AAC is trading at fresh 2½-year lows. Meanwhile, internet heavyweight Tencent /zigman2/quotes/204605823/delayed HK:700 -0.30%   was off nearly 5% after overnight weakness in the U.S. for its ADR. Energy stocks were down similarly as U.S. oil prices entered bear-market territory Thursday.

China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.12%   fell 1.3% — on pace for a fifth-straight drop — while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.23%   was off just 0.4%. Industrial & Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 -0.75%  fell 2.7%, while Agricultural Bank of China Ltd /zigman2/quotes/200705246/delayed HK:1288 -0.41%   fell over 3%. Those moves came after Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), reportedly also said banks need to make at least a third of new loans to private companies.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.27%  slipped 0.3%, while benchmark indexes in Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.88%  and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.56%   also posted declines.

Australian stocks /zigman2/quotes/210598100/delayed AU:XJO +1.51%   dipped 0.1%, led by energy stocks, with Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL +1.95%   and Oil Search /zigman2/quotes/204702973/delayed AU:OSH +1.83%   off over 1% each. New Zealand stocks /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.92%   bucked the regional trend, rising slightly.

— Barbara Kollmeyer contributed to this report

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,204.62
+116.80 +0.51%
Volume: 0.00
Sept. 25, 2020 3:15p
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/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 684.00
-12.00 -1.72%
Volume: 4.51M
Sept. 25, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
2.92%
Market Cap
¥251.11 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,080.00
-70.00 -0.35%
Volume: 725,000
Sept. 25, 2020 3:00p
P/E Ratio
65.11
Dividend Yield
N/A
Market Cap
¥3851.84 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 59,020.00
-200.00 -0.34%
Volume: 783,400
Sept. 25, 2020 3:00p
P/E Ratio
20.17
Dividend Yield
1.66%
Market Cap
¥7030.67 billion
Rev. per Employee
¥217.41M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,235.42
-75.65 -0.32%
Volume: 1.79M
Sept. 25, 2020 4:08p
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 41.55
-0.50 -1.19%
Volume: 5.03M
Sept. 25, 2020 4:08p
P/E Ratio
25.48
Dividend Yield
0.24%
Market Cap
HK$50.21 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 118.50
-2.10 -1.74%
Volume: 4.43M
Sept. 25, 2020 4:08p
P/E Ratio
27.18
Dividend Yield
0.68%
Market Cap
HK$129.65 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 503.50
-1.50 -0.30%
Volume: 13.23M
Sept. 25, 2020 4:08p
P/E Ratio
42.07
Dividend Yield
0.24%
Market Cap
HK$4784.59 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,219.42
-3.76 -0.12%
Volume: 16.48B
Sept. 25, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,143.05
-5.03 -0.23%
Volume: 27.28B
Sept. 25, 2020 3:00p
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 3.99
-0.03 -0.75%
Volume: 319.29M
Sept. 25, 2020 4:08p
P/E Ratio
4.37
Dividend Yield
7.20%
Market Cap
HK$1844.66 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 2.40
-0.01 -0.41%
Volume: 76.05M
Sept. 25, 2020 4:08p
P/E Ratio
3.80
Dividend Yield
8.30%
Market Cap
HK$1216.65 billion
Rev. per Employee
HK$2.16M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,278.79
+6.09 +0.27%
Volume: 697,961
Sept. 25, 2020 3:32p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,472.28
+21.46 +0.88%
Volume: 0.00
Sept. 25, 2020 5:20p
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,509.14
+8.34 +0.56%
Volume: 0.00
Sept. 25, 2020 5:05p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,964.90
+89.00 +1.51%
Volume: 673,482
Sept. 25, 2020 5:03p
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 18.32
+0.35 +1.95%
Volume: 2.49M
Sept. 25, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
6.30%
Market Cap
$17.56 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 2.78
+0.05 +1.83%
Volume: 5.33M
Sept. 25, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
5.08%
Market Cap
$5.78 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,797.08
+107.19 +0.92%
Volume: 0.00
Sept. 25, 2020 6:00p
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