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July 22, 2019, 10:33 a.m. EDT

Asian shares mostly fall as new stock market debuts in Shanghai

Nikkei, Hang Seng slip, but STAR market pops in first day of trading

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By Associated Press and Marketwatch


Reuters
Officials attend the listing ceremony of the first batch of companies on STAR Market, China's new Nasdaq-style tech board, at the Shanghai Stock Exchange on Monday.

Asian shares were mostly lower Monday, tracking losses on Wall Street, though a newly launched technology stocks market in Shanghai soared with its trading debut.

Prices of the 25 companies listed on the Shanghai Stock Exchange’s STAR Market more than doubled, with one company, Anji Microelectronics Technology (Shanghai) Co., Ltd. /zigman2/quotes/213276446/delayed CN:688019 +0.91%  , logging a 415% advance.

Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.18%   closed down 0.2%, the Shanghai Composite index fell 1.3% /zigman2/quotes/210598127/delayed CN:SHCOMP -1.32% . Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.52%  ended down 0.1%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.83%   closed unchanged, and Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.48%   dropped 1.3%. Taiwan’s Taiex /zigman2/quotes/210597977/delayed TW:Y9999 -0.06%   bucked the trend with a gain of 0.6%, along with Singapore /zigman2/quotes/210597985/delayed SG:STI -0.38%   rose 0.6%.

Regulators have approved 25 companies in information technology and other fields for the STAR Market. The market, modeled on the U.S.-based NASDAQ, reflects the ruling Communist Party’s desire to channel private capital into its development plans. It gives small Chinese investors a chance to buy into tech industries that until now have turned to Wall Street to sell shares.

Shares surged in early trading, thanks to massive oversubscription in IPO shares by retail investors. Trading in the new market is expected to be volatile in the early going. “Initially, there could be trading imbalances between supply and demand, and the market should look at fluctuations in a reasonable way,” Liu Ti, deputy general manager of the Shanghai Stock Exchange, said recently, according to Reuters .

Regulators have approved 25 companies in information technology and other fields for the STAR Market. The market, modeled on the U.S.-based NASDAQ, reflects the ruling Communist Party’s desire to channel private capital into its development plans. It gives small Chinese investors a chance to buy into tech industries that until now have turned to Wall Street to sell shares.

Elsewhere in Asia the mood was more subdued.

Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.09%  rose in Tokyo trading, while Nintendo /zigman2/quotes/208063194/delayed JP:7974 -1.15%   and convenience-store chain FamilyMart /zigman2/quotes/207640090/delayed JP:8028 -0.50%   declined. In Hong Kong, Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +1.28%   gained, while property companies such as China Overseas Land & Investment /zigman2/quotes/205731176/delayed HK:688 0.00%   and Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 -1.11%   slid. SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -4.44%   surged in South Korea while Samsung /zigman2/quotes/209800866/delayed KR:005930 -1.19%   edged up ahead of its quarterly earnings report. In Australia, Beach Energy /zigman2/quotes/200513631/delayed AU:BPT 0.00%   and Fortescue Metals /zigman2/quotes/202351558/delayed AU:FMG +1.59%   rose.

“If I had to quantify the equity market risk, it’s 90% Fed policy, and 10% geopolitical worries as investors remain wholly captivated by the looser the policy, the better the risk opportunities,” Stephen Innes, managing partner at Vanguard Markets, said in a note Monday.

U.S. stocks pulled further back from their records on Friday to cap the weakest week for the S&P 500 since May as sentiments turned lower after Iran said it seized a British oil tanker, the latest escalation of tensions between Tehran and the West.

Momentum for U.S. stocks has slowed since early June, when they began soaring on expectations that the Federal Reserve will cut interest rates for the first time in a decade to ensure the U.S. economy doesn’t succumb to weaknesses abroad. The Fed’s next meeting is scheduled for the end of this month.

“With the markets wholly captivated by the looser the policy, the better the risk opportunities, investors could remain singularly focused on the Federal Reserve, and the European Central Bank policy decision and communications as global equity markets continue to have their ups and down based on the perceived degree of accommodative central bank policy,” said Stephen Innes of Vanguard Markets said in a commentary.

Benchmark U.S. crude oil   added 44 cents to $56.07 a barrel. Brent crude  , the international standard, rose 53 cents to $63 per barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1014%   rose to 107.93 Japanese yen from 107.60 yen Friday.

/zigman2/quotes/213276446/delayed
CN : China: Shanghai
¥ 121.38
+1.09 +0.91%
Volume: 724,433
Oct. 18, 2019 3:01p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥6.45 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,492.68
+40.82 +0.18%
Volume: 0.00
Oct. 18, 2019 3:15p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,938.14
-39.19 -1.32%
Volume: 15.00B
Oct. 18, 2019 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,649.70
-35.00 -0.52%
Volume: 633,428
Oct. 18, 2019 4:38p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,060.69
-17.25 -0.83%
Volume: 516,687
Oct. 18, 2019 6:03p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,719.58
-128.91 -0.48%
Volume: 1.54M
Oct. 18, 2019 4:08p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
11,180.22
-6.66 -0.06%
Volume: 0.00
Oct. 18, 2019 1:31p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,114.16
-11.98 -0.38%
Volume: 0.00
Oct. 18, 2019 5:20p
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,299.00
+4.00 +0.09%
Volume: 8.70M
Oct. 18, 2019 3:00p
P/E Ratio
4.21
Dividend Yield
1.02%
Market Cap
¥8901.82 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 38,610.00
-450.00 -1.15%
Volume: 1.42M
Oct. 18, 2019 3:00p
P/E Ratio
25.74
Dividend Yield
1.97%
Market Cap
¥4599.40 billion
Rev. per Employee
¥217.41M
loading...
/zigman2/quotes/207640090/delayed
JP : Japan: Tokyo
¥ 2,791.00
-14.00 -0.50%
Volume: 1.92M
Oct. 18, 2019 3:00p
P/E Ratio
26.58
Dividend Yield
1.43%
Market Cap
¥1412.56 billion
Rev. per Employee
¥61.29M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 118.80
+1.50 +1.28%
Volume: 5.27M
Oct. 18, 2019 4:08p
P/E Ratio
41.32
Dividend Yield
0.56%
Market Cap
HK$130.31 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 26.20
0.00 0.00%
Volume: 14.57M
Oct. 18, 2019 4:08p
P/E Ratio
6.16
Dividend Yield
3.63%
Market Cap
HK$287.05 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/205885756/delayed
HK : Hong Kong
HK$ 44.50
-0.50 -1.11%
Volume: 2.54M
Oct. 18, 2019 4:08p
P/E Ratio
9.12
Dividend Yield
4.83%
Market Cap
HK$135.11 billion
Rev. per Employee
HK$5.68M
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
77,400.00
-3,600 -4.44%
Volume: 13.63M
Oct. 18, 2019 3:30p
P/E Ratio
5.49
Dividend Yield
1.94%
Market Cap
₩52941.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
49,900.00
-600.00 -1.19%
Volume: 8.48M
Oct. 18, 2019 3:30p
P/E Ratio
10.77
Dividend Yield
2.84%
Market Cap
₩338954.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 2.35
0.00 0.00%
Volume: 4.98M
Oct. 18, 2019 4:10p
P/E Ratio
9.30
Dividend Yield
0.85%
Market Cap
$5.36 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 8.29
+0.13 +1.59%
Volume: 19.85M
Oct. 18, 2019 4:10p
P/E Ratio
5.72
Dividend Yield
5.19%
Market Cap
$25.60 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullet Prebon
108.3650
-0.1100 -0.1014%
Volume: 0.0000
Oct. 18, 2019 4:59p
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