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Sept. 7, 2020, 4:58 a.m. EDT

SMIC slumps, SoftBank drops in mixed Asia markets

SMIC shares plunge in Hong Kong after threat of U.S. export restrictions

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By Marketwatch


Getty Images
Boats travel on the Huangpu River in front of the Shanghai skyline..

Asian markets were mixed Monday, following a sharp selloff on Wall Street last week.

Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.09%   dipped 0.5% while Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI +0.54%   fell 0.4%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.82%   declined 1.9% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.52%   dropped 2.2%.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.72%   rose 0.7%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.08%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.55%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.62%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.18%   rose 0.3%.

Data showed China’s August exports were stronger than expected from the prior year, after another strong increase in July.

Shares of Chinese chip maker Semiconductor Manufacturing International Corp. /zigman2/quotes/207270096/delayed HK:981 -0.97%   tumbled in Hong Kong trading after a Wall Street Journal report that the Trump administration is considering placing export restrictions against it, as it has with fellow chip maker Huawei Technologies.

SoftBank Group /zigman2/quotes/207303954/delayed JP:9984 -2.74%  shares dropped over 7% on Monday after The Wall Street Journal reported the Japanese investment group bought $4 billion worth of options tied to around $50 billion worth of individual tech stocks.

U.S. markets are closed Monday for the Labor Day holiday. Last week, the tech-heavy Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.74%   saw a 3.3% weekly decline, its largest since March, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -2.56%   fell 1.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.07%   lost 2.3%.

“We view the latest selloff as a bout of profit-taking after a strong run,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note Friday.

“Stocks have had a nervy start to trading Monday after the massive two-day slide for global equities since June left investors on edge,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note Monday. “In the short-term, more so with U.S. markets closed today, it should remain an extremely choppy affair, with bounces likely being sold by design.”

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,494.34
-22.25 -0.09%
Volume: 0.00
Oct. 26, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,918.78
+132.65 +0.54%
Volume: 2.37M
Oct. 23, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,251.12
-26.88 -0.82%
Volume: 16.77B
Oct. 26, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,212.07
+11.51 +0.52%
Volume: 27.60B
Oct. 26, 2020 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,343.91
-16.90 -0.72%
Volume: 822,267
Oct. 26, 2020 3:32p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
12,909.03
+10.21 +0.08%
Volume: 0.00
Oct. 26, 2020 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,523.31
-14.08 -0.55%
Volume: 0.00
Oct. 26, 2020 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,144.05
+31.86 +0.62%
Volume: 0.00
Oct. 26, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,155.60
-11.40 -0.18%
Volume: 610,687
Oct. 26, 2020 5:19p
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/zigman2/quotes/207270096/delayed
HK : Hong Kong
HK$ 20.40
-0.20 -0.97%
Volume: 53.80M
Oct. 23, 2020 4:08p
P/E Ratio
41.94
Dividend Yield
N/A
Market Cap
HK$246.39 billion
Rev. per Employee
HK$1.48M
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,888.00
-194.00 -2.74%
Volume: 11.33M
Oct. 26, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥13785.08 billion
Rev. per Employee
¥126.96M
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,347.28
-201.01 -1.74%
Volume: 1.40M
Oct. 26, 2020 12:07p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,610.92
-724.65 -2.56%
Volume: 169.32M
Oct. 26, 2020 12:07p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,393.74
-71.65 -2.07%
Volume: 982.09M
Oct. 26, 2020 12:07p
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