- May 10, 2022
- By: Admin1_blog
- Asia Market, Indices
Key Points
- Shares in Asia-Pacific fell during Tuesday morning trade.
- Hong Kong’s Hang Seng index, returning to trade following a Monday holiday, fell more than 3% in early trade on Tuesday morning.
- Overnight stateside, the tech-heavy Nasdaq Composite dropped more than 4% as shares on Wall Street fell.
SINGAPORE — Most Asia-Pacific markets fell on Tuesday after heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite dropping more than 4%.
Hong Kong’s Hang Seng index, which returned to trade after a holiday on Monday, fell 2.73% in morning trade on Tuesday.
Hong Kong-listed shares of Chinese tech firms dropped, with Tencent declining 3.21% while Alibaba shed 5.76% and NetEase fell 3.75%. The Hang Seng Tech index traded 4.37% lower.
Technology shares elsewhere in Asia-Pacific also declined in Tuesday trade, largely mirroring losses after the Nasdaq Composite dropped 4.29% overnight to 11,623.25.
Shares of Japanese conglomerate SoftBank Group fell 3.25%. South Korea’s Kakao lost 0.83% while Krafton dropped 2.78%.
In the broader markets, the Nikkei 225 in Japan fell 0.93% while the Topix index slipped 0.94%.
South Korea’s Kospi dropped 1.1% while the S&P/ASX 200 in Australia fell 1.46%.
Mainland Chinese stocks bucked the broader trend, and outperformed the broader region. The Shanghai Composite recovering from earlier losses to rise 0.33% while the Shenzhen Component climbed 0.602%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.4% lower.
“A sea of red engulfed most major risk assets overnight,” analysts at OCBC Treasury Research said in a Tuesday note. “Asian markets may start off on a cautious note today, following the battering on Wall Street last night.”
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Other major indexes on Wall Street also saw substantial losses overnight, with the S&P 500 slipping 3.2% to 3,991.24 — falling below the 4,000 level for the first time in more than a year. The Dow Jones Industrial Average shed 653.67 points, or 1.99%, to 32,245.70.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| .N225 | Nikkei 225 Index | *NIKKEI | 25995.63 | -323.71 | -1.23 |
| .HSI | Hang Seng Index | *HSI | 19423.19 | -578.77 | -2.89 |
| .AXJO | S&P/ASX 200 | *ASX 200 | 7012.7 | -108 | -1.52 |
| .SSEC | Shanghai | *SHANGHAI | 3009.22 | 5.08 | 0.17 |
| .KS11 | KOSPI Index | *KOSPI | 2586.11 | -24.7 | -0.95 |
| .FTFCNBCA | CNBC 100 ASIA IDX | *CNBC 100 | 8098.36 | -131.79 | -1.6 |
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 103.607 — off levels above 103.8 seen recently.
The Japanese yen traded at 130.37 per dollar, stronger than levels above 130.5 seen against the greenback yesterday. The Australian dollar was at $0.6962, struggling to recover after last week’s drop from above $0.72.
Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 1.8% to $104.03 per barrel. U.S. crude futures shed 1.75% to $101.29 per barrel.
Source : CNBC
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