By Dow Jones Newswires
After the best week in years for a number of Asian stock markets — following the worst month in years for many — the region’s equities traded on a down note Monday amid profit-taking after surges late last week.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.78% closed down 1.5% after its best week since mid-2016, following Friday’s declines in the U.S. and amid persistent concerns about rising borrowing costs, U.S.-China trade conflicts and their effects on corporate results. Subaru /zigman2/quotes/203522406/delayed JP:7270 -1.55% fell about 5% and Uniqlo parent Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 -0.37% was off 4.8%.
Chinese stocks were off even after President Xi Jinping praised globalization and China’s commitment to free trade as he kicked off a trade expo in Shanghai. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.74% fell about 0.4% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.88% was flat.
Hong Kong stocks were among the region’s biggest decliners. After ending last week with a 4.2% gain, the most in seven years, the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.59% was down 2%. Trade worries persisted, as did concerns about the mainland economy, after a new report found China’s service-sector growth fell to a 13-month low in October. Tencent /zigman2/quotes/204605823/delayed HK:700 +5.23% was down 3.8% while automaker Geely /zigman2/quotes/200716015/delayed HK:175 +0.35% fell 3.7% and smartphone-component maker AAC /zigman2/quotes/201441510/delayed HK:2018 +4.31% shed 7%.
Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.24% shed 0.9% after its 3.5% surge Friday, its best day in seven years. Index heavyweight Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.75% was down almost 0.7%. Singapore’s benchmark /zigman2/quotes/210597985/delayed SG:STI +0.24% posted a loss of around 1.8%.
Busting a winning streak that lasted five sessions, Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.54% closing down 0.5% and New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.31% eased 0.6%.