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Aug. 12, 2018, 11:33 p.m. EDT

Turkish currency crisis drags down Asian stock markets

Nikkei sinks 1.6%; Chinese indexes down more than 1%

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By Dow Jones Newswire


Bloomberg News
A customer holds banknotes as he exits a currency exchange in Istanbul, Turkey, on Friday.

Asian stocks started lower Monday as the fallout from Friday’s plunge in Turkish asset prices made its way across the Pacific. European and U.S. stocks fell to end the week as worries built that Turkey’s troubles could prove contagious.

The Turkish lira /zigman2/quotes/210561895/realtime/sampled USDTRY -0.9491%   put in fresh lows against the U.S. dollar early Monday, down more than 8% in Asian trading hours, after dropping 14% on Friday.

Read: Turkish lira hits fresh low as Erdogan’s currency crisis echoes through stock markets

The Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.25%   was down 1.6% to lead the early declines, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0267%   up as much as 0.5% against other major currencies. Exporter stocks were particularly hard hit, with Toyota /zigman2/quotes/203803129/delayed JP:7203 +0.43%   and Canon /zigman2/quotes/207639533/delayed JP:7751 +1.92%  each down more than 1.5%.

Chinese stocks fell more than 1% in early trading. Property stocks pulled back after banks denied a mortgage-rates cut, and construction and metal names were muted. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.50%   fell 1.6% while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.01%   was off 1.2%.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.23%   tumbled 1.7%, with steep declines across all sectors. Tencent /zigman2/quotes/204605823/delayed HK:700 +0.86%  fell 2.4% while China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +0.48%   dropped 1.5%

Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.16%   was off 1.4%, with big caps including Samsung /zigman2/quotes/209800866/delayed KR:005930 +1.79%   and Posco /zigman2/quotes/201759282/delayed KR:005490 +1.13%   falling at least 1%. In New Zealand, where trading ended Friday just as the lira’s drop was beginning, the NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.25%   was off 0.4% to reverse some of its end-of-week strength. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.30%   was down 0.5% with losses held in check by the Aussie dollar’s weakness.

Benchmarks in Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.69%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.20%   were all off more than 1%.

/zigman2/quotes/210561895/realtime/sampled
US : Tullet Prebon
5.8027
-0.0556 -0.9491%
Volume: 0.0000
Oct. 22, 2019 1:01p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,548.90
+56.22 +0.25%
Volume: 0.00
Oct. 21, 2019 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullet Prebon
108.5720
-0.0290 -0.0267%
Volume: 0.0000
Oct. 22, 2019 1:01p
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,400.00
+32.00 +0.43%
Volume: 2.98M
Oct. 21, 2019 3:00p
P/E Ratio
11.23
Dividend Yield
2.97%
Market Cap
¥20900.10 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 2,914.00
+55.00 +1.92%
Volume: 3.11M
Oct. 21, 2019 3:00p
P/E Ratio
17.10
Dividend Yield
5.49%
Market Cap
¥3100.01 billion
Rev. per Employee
¥19.98M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,954.38
+14.76 +0.50%
Volume: 11.75B
Oct. 22, 2019 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,631.22
+16.34 +1.01%
Volume: 20.76B
Oct. 22, 2019 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,786.20
+60.52 +0.23%
Volume: 1.50M
Oct. 22, 2019 4:09p
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 327.60
+2.80 +0.86%
Volume: 10.45M
Oct. 22, 2019 4:09p
P/E Ratio
30.62
Dividend Yield
0.31%
Market Cap
HK$3080.70 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.30
+0.03 +0.48%
Volume: 285.11M
Oct. 22, 2019 4:09p
P/E Ratio
6.02
Dividend Yield
5.54%
Market Cap
HK$1567.57 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,088.86
+24.02 +1.16%
Volume: 504,063
Oct. 22, 2019 6:01p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
51,200.00
+900.00 +1.79%
Volume: 10.90M
Oct. 22, 2019 3:30p
P/E Ratio
11.05
Dividend Yield
2.77%
Market Cap
₩341671.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201759282/delayed
KR : S. Korea: KRX
223,000
+2,500 +1.13%
Volume: 182,993
Oct. 22, 2019 3:30p
P/E Ratio
11.92
Dividend Yield
4.93%
Market Cap
₩17665.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,090.39
+27.64 +0.25%
Volume: 0.00
Oct. 22, 2019 5:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,672.20
+19.70 +0.30%
Volume: 577,405
Oct. 22, 2019 5:49p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,160.67
+21.52 +0.69%
Volume: 0.00
Oct. 22, 2019 5:20p
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,574.09
+3.16 +0.20%
Volume: 0.00
Oct. 22, 2019 5:05p
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