By Dow Jones Newswires
Asia-Pacific stock markets largely cooled Tuesday as the previous day’s global gains appear to have stalled ahead of a weekend meeting between President Donald Trump and China’s President Xi Jinping over trade.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.04% rose 0.6%. Panasonic /zigman2/quotes/201785256/delayed JP:6752 +0.57% was up 2.7% and Renesas Electronics /zigman2/quotes/203872935/delayed JP:6723 -0.78% climbed 2% amid hopes for a strong U.S. holiday-shopping season. But so-called domestic-demand stocks that had recently attracted buying amid global-growth concerns were down. Pharmaceuticals and utilities were the two worst-performing sectors, as the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1836% was around ¥113.46, versus ¥113.21 as of Monday’s Tokyo stock market close.
Hong Kong‘s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -4.13% firmed early on but finished down nearly 0.2%, with property stocks weak after Monday’s gains. Energy was also lagging with oil prices sliding, though tech names were up modestly; Cnooc /zigman2/quotes/203421416/delayed HK:883 -2.60% was off 2% while Tencent /zigman2/quotes/204605823/delayed HK:700 -7.72% rose nearly 2%. Meanwhile, Tingyi shares /zigman2/quotes/208969648/delayed HK:322 -2.17% logged one of its worst days ever as the China-based instant noodle/beverage maker reported what analysts at Jefferies call an unexpected revenue drop last quarter.
Chinese stocks were higher, led by small caps. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -2.34% started firmer but ended down less than 0.1%, versus a 0.4% gain for the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -2.28% . Tech companies were doing well after recent weakness, and oil names were up after Monday’s slump.
rose 1% as energy companies gained. New Zealand stocks
were up slightly as well.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.91% rose as Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 -0.44% jumped about 6%. Taiwan’s Taiex slipped initially as Foxconn /zigman2/quotes/204111604/delayed TW:2354 +0.80% fell nearly 1% but the main index finished in the green. Singapore’s benchmark index /zigman2/quotes/210597985/delayed SG:STI -0.57% was about flat.