Asian markets take a break a day after big gains

Asian markets take a break a day after big gains

Nikkei on pace to snap 7-day win streak; Chinese stocks flat

Asian equities were broadly lower following Monday’s jumps across the region, with a number of indexes sitting near session lows as the day’s action progressed.

A pause may have finally arrived for Japanese stocks. After gaining in seven straight sessions, the Nikkei NIK, -2.39% was down 1%. Nissan shares 7201, -1.18% slipped after a Reuters report that the auto maker’s board will meet Tuesday to discuss a replacement for former Chairman Carlos Ghosn, who was arrested last week. Elsewhere, Nintendo 7974, -5.28% fell around 4% while Kobe Steel 5406, -6.51% fell about 5%. Konica Minolta 4902, +0.77% was among the biggest gainers%.

Hong Kong’s Hang Seng Index HSI, +0.29% pulled back from its highest close since late September. Energy stocks fell following yesterday’s surge in oil prices, with Sinopec 0386, -1.16% down more than 1.5%. Tech, financials and property shares were also weak while typical safe-haven utilities outperformed.

After leading the region’s gains Monday, Chinese equities were little changed in morning trading. Both the Shanghai Composite SHCOMP, +0.42% and the smaller-cap Shenzhen Composite 399106, +0.43% were fractionally higher.

South Korea’s Kospi SEU, -0.82% was down 0.5%, as chip makers Samsung 005930, -2.54% and SK Hynix 000660, -2.13% each fell more than 2%. Singapore’s Strait Times Index STI, -0.69% was off almost 1%, while Taiwan’s Taiex Y9999, -0.54% edged down, with Taiwan Semiconductor c 2330, -0.43% dipping despite an upgrade from Daiwa, which predicted big gains in the chip maker’s AI business by 2020.

Australia’s ASX 200 XJO, -1.01% dropped 0.8%, as the financial sector fell again. Australia & New Zealand Banking Group ANZ, -1.35% was down nearly 1%, along with Commonwealth Bank CBA, -1.05% and National Bank of Australia NAB, -0.93% . Additionally, the Reserve Bank of Australia left interest rates unchanged at their historic low of 1.5%. New Zealand’s NZX-50 NZ50GR, -0.12% slipped 0.2%.

error: Content is protected !!