Asia report: Markets mostly lower as tech stocks sink
Markets in Asia were mostly lower on Monday, with investors reacting to a decline in technology plays in the US on Friday, as the dollar added value against the region’s major trading currencies.
AUD/USD
$0.6550
10:28 26/04/24
GBP/NZD
NZD2.0991
10:28 26/04/24
Hang Seng
17,651.15
10:21 25/04/24
Nikkei 225
37,934.76
09:28 26/04/24
USD/JPY
¥156.4550
10:28 26/04/24
In Japan, the Nikkei 225 was down 0.33% at 22,088.04, as the yen weakened 0.5% against the dollar to last trade at JPY 108.20.
Banking stocks, insurers and shipping firms were among the biggest gainers on the broader Topix - which closed flat - while technology stocks were mixed, after the sector’s performance stateside.
On the mainland, the Shanghai Composite slipped 0.09% to 3,068.80, and the smaller, technology-heavy Shenzhen Composite lost 0.8% to close at 1,764.20.
South Korea’s Kospi was down 0.09% at 2,474.11, while the Hang Seng Index in Hong Kong slid 0.54% to 30,254.40.
Carmakers and retailers led the downside in Seoul, while steelmakers were on the front foot.
Shinwon Corporation surged 15.89% ahead of a summit between North and South Korea later in the week, with the company having a sizeable exposure to activities on the northern side of the peninsula.
Technology stocks were affected by a negative session for the sector on Wall Street at the end of last week, after Apple tumbled 4.1%.
That followed a note from Morgan Stanley, which said iPhone sales for the June quarter would miss expectations.
Oil prices were mixed, with Brent crude last up 0.03% at $74.08 per barrel, while West Texas Intermediate was down 0.18% at $68.28.
In Australia, the S&P/ASX 200 managed to post gains, rising 0.29% to 5,886.00, led higher by the hefty financials sibindex, as well as gold producers.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 missed out in the sunshine, falling 0.2% to close at 8,303.62.
It was led lower by infant formula and dairy food exporter A2 Milk, which dropped 3.1%.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.31% at AUD 1.3079 and the Kiwi retreating 0.43% to NZD 1.3931.