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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 +0.3663%   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 +0.36%   was down 1.6% to lead the early declines, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1286%   up as much as 0.5% against other major currencies. Exporter stocks were particularly hard hit, with Toyota /zigman2/quotes/203803129/delayed JP:7203 +0.85%   and Canon /zigman2/quotes/207639533/delayed JP:7751 -0.98%  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 -0.14%   fell 1.6% while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.28%   was off 1.2%.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.17%   tumbled 1.7%, with steep declines across all sectors. Tencent /zigman2/quotes/204605823/delayed HK:700 +0.55%  fell 2.4% while China Construction Bank /zigman2/quotes/208974133/delayed HK:939 -0.31%   dropped 1.5%

Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.19%   was off 1.4%, with big caps including Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.18%   and Posco /zigman2/quotes/201759282/delayed KR:005490 +0.25%   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 +0.94%   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 +0.84%   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 +0.08%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +1.52%   were all off more than 1%.

/zigman2/quotes/210561895/realtime/sampled
US : Tullett Prebon
6.7679
+0.0247 +0.3663%
Volume: 0.0000
June 4, 2020 5:17a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,695.74
+81.98 +0.36%
Volume: 0.00
June 4, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.0450
+0.1400 +0.1286%
Volume: 0.0000
June 4, 2020 5:17a
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 6,974.00
+59.00 +0.85%
Volume: 7.86M
June 4, 2020 3:00p
P/E Ratio
9.57
Dividend Yield
3.15%
Market Cap
¥19128.00 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 2,277.00
-22.50 -0.98%
Volume: 6.16M
June 4, 2020 3:00p
P/E Ratio
20.97
Dividend Yield
7.03%
Market Cap
¥2404.68 billion
Rev. per Employee
¥19.98M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,919.25
-4.12 -0.14%
Volume: 22.66B
June 4, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,852.54
+5.16 +0.28%
Volume: 35.88B
June 4, 2020 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,366.30
+40.68 +0.17%
Volume: 1.89M
June 4, 2020 4:08p
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 435.00
+2.40 +0.55%
Volume: 18.47M
June 4, 2020 4:08p
P/E Ratio
39.17
Dividend Yield
0.28%
Market Cap
HK$4096.91 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.34
-0.02 -0.31%
Volume: 220.58M
June 4, 2020 4:08p
P/E Ratio
5.21
Dividend Yield
5.50%
Market Cap
HK$1590.07 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,151.18
+4.18 +0.19%
Volume: 1.38M
June 4, 2020 3:32p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
54,600.00
+100.00 +0.18%
Volume: 40.16M
June 4, 2020 3:30p
P/E Ratio
17.42
Dividend Yield
2.59%
Market Cap
₩370200.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201759282/delayed
KR : S. Korea: KRX
203,000
+500.00 +0.25%
Volume: 666,055
June 4, 2020 3:30p
P/E Ratio
10.97
Dividend Yield
4.68%
Market Cap
₩16223.40 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,222.80
+104.53 +0.94%
Volume: 0.00
June 4, 2020 5:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,991.80
+50.20 +0.84%
Volume: 1.31M
June 4, 2020 5:52p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,702.52
+2.13 +0.08%
Volume: 0.00
June 4, 2020 4:59p
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,561.84
+23.31 +1.52%
Volume: 0.00
June 4, 2020 4:59p
loading...

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