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Nov. 13, 2017, 7:24 a.m. EST

Japan’s Nikkei suffers worst loss in 7 months

Tech stocks help Hang Seng Index notch modest gain

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By Ese Erheriene


Reuters
A businessman rides on an escalator in Tokyo's business district.

Most Asia Pacific stock indexes logged declines Monday, with Japanese stocks again underperforming after their gains of the past two months.

After logging its biggest drop percentage-wise in two months Friday, the Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.40%  fell 1.3%. That’s the worst percentage loss since April 6, according to FactSet data.

The benchmark had surged 21% from early September through last week before the rally paused Thursday.

Given the large rally recently and with the release of third-quarter economic growth figures due Wednesday, recent price action is “just profit-taking,” said Tareck Horchani, global head of sales trading at Saxo Capital Markets.

Stock sentiment globally darkened last week amid fresh concerns about U.S. tax reforms as competing Republican proposals have emerged.

Monday’s decline in Japan came despite a pullback in the yen. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2101%   was recently around ¥113.70, versus ¥113.47 when the local stock market closed last week. Earnings, which had been supporting the market, also clouded sentiment, with real-estate developer Mitsui Fudosan /zigman2/quotes/205394574/delayed JP:8801 +1.88%   down 4.1% and fiber maker Toray /zigman2/quotes/203760457/delayed JP:3402 -1.32%   off by 3.9%.

Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.29%   also weakened early Monday, falling 0.5% despite a 3.9% bounce for Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 +1.12%  .

But technology stocks helped Hong Kong’s benchmark stock index. Tencent /zigman2/quotes/204605823/delayed HK:700 -0.51%   rose 0.6% and Apple supplier AAC /zigman2/quotes/201441510/delayed HK:2018 +2.72%   jumped another 5.8% to a sixth-straight intraday record high, helping the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.28% rise 0.2%.

Meanwhile, e-gaming-services provider Razer /zigman2/quotes/203466833/delayed HK:1337 -0.74%   popped as much as 41% in its market debut Monday, and finished up by 18%.

Chinese and Southeast Asian stock indexes also rose slightly, and New Zealand’s benchmark /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.30%  reversed losses and ended fractionally higher at 7,976.43. Dairy companies a2 Milk /zigman2/quotes/207461975/delayed NZ:ATM -0.34%   and Synlait /zigman2/quotes/200859627/delayed NZ:SML -0.36%   climbed 3.9% and 1.5%, respectively, after sharp declines last week.

Click to Play

In Asia, Trump delivers message of economic nationalism

President Donald Trump says the U.S. had been treated unfairly by global trade practices and that he wouldn't allow the country to be "taken advantage of anymore," in his address at the Asia Pacific Economic Cooperation summit in Da Nang, Vietnam. Photo: Reuters

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,644.71
+107.40 +0.40%
Volume: 0.00
Nov. 27, 2020 3:15p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.0410
-0.2190 -0.2101%
Volume: 0.0000
Nov. 27, 2020 3:27p
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,302.00
+42.50 +1.88%
Volume: 3.87M
Nov. 27, 2020 3:00p
P/E Ratio
17.74
Dividend Yield
1.91%
Market Cap
¥2173.96 billion
Rev. per Employee
¥91.34M
loading...
/zigman2/quotes/203760457/delayed
JP : Japan: Tokyo
¥ 576.10
-7.70 -1.32%
Volume: 9.91M
Nov. 27, 2020 3:00p
P/E Ratio
63.53
Dividend Yield
1.56%
Market Cap
¥934.33 billion
Rev. per Employee
¥46.11M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,633.45
+7.54 +0.29%
Volume: 1.20M
Nov. 27, 2020 3:30p
loading...
/zigman2/quotes/206684590/delayed
KR : S. Korea: KRX
181,000
+2,000 +1.12%
Volume: 1.03M
Nov. 27, 2020 3:30p
P/E Ratio
40.94
Dividend Yield
1.66%
Market Cap
₩40946.74 billion
Rev. per Employee
₩1.51B
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 583.00
-3.00 -0.51%
Volume: 11.18M
Nov. 27, 2020 4:09p
P/E Ratio
41.54
Dividend Yield
0.21%
Market Cap
HK$5568.92 billion
Rev. per Employee
HK$6.80M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 43.40
+1.15 +2.72%
Volume: 10.87M
Nov. 27, 2020 4:09p
P/E Ratio
26.61
Dividend Yield
0.23%
Market Cap
HK$51.06 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,894.68
+75.23 +0.28%
Volume: 2.74M
Nov. 27, 2020 4:09p
loading...
/zigman2/quotes/203466833/delayed
HK : Hong Kong
HK$ 2.70
-0.02 -0.74%
Volume: 17.00M
Nov. 27, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$24.14 billion
Rev. per Employee
HK$6.65M
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,639.83
+37.81 +0.30%
Volume: 0.00
Nov. 27, 2020 5:00p
loading...
/zigman2/quotes/207461975/delayed
NZ : New Zealand: NZX
$ 14.67
-0.05 -0.34%
Volume: 797,247
Nov. 27, 2020 4:59p
P/E Ratio
28.15
Dividend Yield
N/A
Market Cap
$10.93 billion
Rev. per Employee
$6.11M
loading...
/zigman2/quotes/200859627/delayed
NZ : New Zealand: NZX
$ 5.56
-0.02 -0.36%
Volume: 57,552
Nov. 27, 2020 4:59p
P/E Ratio
13.29
Dividend Yield
N/A
Market Cap
$1.18 billion
Rev. per Employee
$1.34M
loading...

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