Market Overview

Hong Kong falls more than 2% as shares in Asia decline

Stocks in Asia declined in Tuesday trade as major indexes on Wall Street saw fresh closing highs overnight. The Hang Seng index in Hong Kong led losses among the region’s major markets, falling more than 2% by the afternoon. Mainland Chinese stocks were also lower, with the Shanghai composite down 1.2% while the Shenzhen component dipping 1.931%.

South Korea’s Kospi dropped about 2%. In Japan, the Nikkei 225 slipped 0.95% while the Topix index was 0.7% lower. Minutes from the Bank of Japan’s December monetary policy meeting showed members agreeing that the central bank would “not hesitate to take additional easing measures if necessary” as it monitors the impact of Covid-19.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.65%. Markets in Australia and India are closed on Tuesday for holidays. Shares of Apple suppliers in Asia were mixed in Tuesday trade after the Cupertino-based tech giant’s stock stateside rose to an all-time high on Monday. In Japan, Taiyo Yuden shares gained 1.82% while Murata Manufacturing advanced 1.32%. In Taiwan, shares of Hon Hai Precision Industry — better known as Foxconn — fell 1.63% while Taiwan Semiconductor Manufacturing Company dropped 2.69%. LG Display’s stock in South Korea edged 0.21% higher.

Overnight on Wall Street, the S&P 500 rose 0.4% to a new record close of 3,855.36. The Nasdaq Composite also reached a fresh closing high, advancing 0.7% to 13,635.99. The Dow Jones Industrial Average lagged as it dipped 36.98 points to end its trading day at 30,960.

Hong Kong falls more than 2% as shares in Asia decline, CNBC, Jan 26

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