Asian stocks closed with heavy losses on Monday, as the Middle East conflict and the recent surge in bond yields weighed on the markets. Reports of searches by Chinese tax authorities on Taiwan-based Foxconn Technology Co. as well as anxiety ahead of the major tech earnings also weighed on sentiment. Markets in Hong Kong and New Zealand were closed for a holiday.
China’s Shanghai Composite Index shed 1.5 percent to finish trading near a one-year low of 2,939.29. The day’s trading ranged between 2,973.66 and 2,923.51. The Shenzhen Component Index lost 144.38 points or 1.5 percent to close at 9,425.98, touching a four-month low.
The Japanese benchmark Nikkei 225 Index slid 259.81 points or 0.8 percent to end trading at 30,999.55. The day’s trading range was between 31,177.41 and 30,974.26.
Shiseido was the top gainer with a surge of 3.3 percent. Daiichi Sankyo and Astellas Pharma both gained more than 2 percent whereas Nissui Corp. and NH Foods both added more than 1 percent.
Pacific Metals was the biggest laggard with a decline of more than 4 percent. Nippon Sheet Glass, Oki Electric Industry, Eneos Holdings and Mitsui Engineering & Shipbuilding all declined more than 3 percent.
The Korean Stock Exchange’s Kospi Index declined 17.98 points or 0.8 percent to close trading at 2,357.02. The day’s trading range was between 2,354.70 and 2,375.79.
Australia’s S&P/ASX 200 Index closed trading at 6,844.10, shedding 56.60 points or 0.8 percent. The index finished at a new 100-day low. The day’s trading range was between 6,831.30 and 6,900.70.
Semiconductor business Weebit Nano surged 15 percent. Auto business ARB Corporation gained more than 5 percent. Healthcare business Resmed, real estate business Growthpoint Properties Australia and healthcare business Polynovo all added more than 3 percent.
Energy business New Hope Corporation plunged 8.5 percent. Mining businesses also recorded steep declines. Pilbara Minerals tumbled 7.3 percent followed by Liontown Resources, Mineral Resources and Igo, all of which slumped more than 5 percent.
Wall Street had closed with deep losses on Friday amidst growing geopolitical tensions in the Middle East, rising bond yields and mixed corporate earnings reports. Nasdaq Composite shed 1.5 percent to close at 12,983.81 whereas the Dow Jones Industrial Average slid 0.9 percent to finish trading at 33,127.28.
Market Analysis
Asian Equities Close Deep In The Red
2023-10-23 09:26:31
