Asian Stocks Drop to 1-Month Low; Japan Down in Thin Trading
Most Asian equities fell; Japan shares dropped as the yen gained against the dollar, while Indian stocks slid to a one-month low. China indexes rebounded from earlier losses on a day when many global markets are shut for a holiday.
The MSCI Asia Pacific Index dropped 0.1 percent to 134.37 as of 4:19 p.m. in Hong Kong. The Japan’s Topix index slid 0.4 percent. India’s Sensex Index sank as much as 1.1 percent in morning trading to a one-month low after Prime Minister Narendra Modi hinted at raising taxes on stock market income. Shanghai Stock Exchange Composite Index closed 0.4 percent higher, erasing a loss of as much as 1.3%.
- Shenzhen Stock Exchange Composite Index +0.4%; Hong Kong closed; Nikkei 225 -0.2%
- “Investors are wary of the recent rally in Japanese shares, as the pace of the U.S. dollar’s strengthening is slowing,” said Young-Il Kim, chief strategist at Daishin Securities in Seoul.
- Shimadzu +6% in Tokyo, the best performer on the MSCI Asia Pacific Index after SMBC Nikko raised its rating to outperform; Chugai Pharmaceutical +5.2% amid hopes its new hemophilia drug will drive growth; Hanmi Science +4.7%
- Divi’s Laboratories -11% after the company said it will respond to FDA observations made following a plant inspection within the time allowed
- Other markets: South Korea’s Kospi +0.1%; Taiwan’s Taiex +0.4%
For more Asia stock market news:
Japan Shares Fall, China Rebounds in Thin Trade: Markets Wrap
Japan Equity Movers: Japan Display, TS Tech, Shimadzu, Chugai
China Stocks Continue Year-End Slide as Property Firms Decline