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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 +1.39%   dipped 0.5% while Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI +2.70%   fell 0.4%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.83%   declined 1.9% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.96%   dropped 2.2%.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +2.61%   rose 0.7%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +1.70%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.17%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -1.06%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.19%   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 +1.20%   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 +3.00%  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 -0.87%   saw a 3.3% weekly decline, its largest since March, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.57%   fell 1.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72%   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
28,633.46
+391.25 +1.39%
Volume: 0.00
Jan. 19, 2021 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,642.28
+779.51 +2.70%
Volume: 4.57M
Jan. 19, 2021 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,566.38
-29.84 -0.83%
Volume: 32.34B
Jan. 19, 2021 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,378.65
-23.13 -0.96%
Volume: 39.51B
Jan. 19, 2021 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,092.66
+78.73 +2.61%
Volume: 1.33M
Jan. 19, 2021 3:30p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
15,877.37
+265.37 +1.70%
Volume: 0.00
Jan. 19, 2021 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,995.59
+5.19 +0.17%
Volume: 0.00
Jan. 19, 2021 4:42p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,321.86
-67.98 -1.06%
Volume: 0.00
Jan. 19, 2021 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,742.60
+79.60 +1.19%
Volume: 502,187
Jan. 19, 2021 5:07p
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/zigman2/quotes/207270096/delayed
HK : Hong Kong
HK$ 29.60
+0.35 +1.20%
Volume: 254.01M
Jan. 19, 2021 4:08p
P/E Ratio
50.40
Dividend Yield
N/A
Market Cap
HK$307.70 billion
Rev. per Employee
HK$1.57M
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 8,758.00
+255.00 +3.00%
Volume: 14.43M
Jan. 19, 2021 3:00p
P/E Ratio
40.01
Dividend Yield
0.00%
Market Cap
¥16008.05 billion
Rev. per Employee
¥76.45M
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,998.50
-114.14 -0.87%
Volume: 5.80M
Jan. 15, 2021 5:16p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,814.26
-177.26 -0.57%
Volume: 440.02M
Jan. 15, 2021 5:18p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,768.25
-27.29 -0.72%
Volume: 2.74B
Jan. 15, 2021 5:18p
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