Asia Stocks Slip as China Wakes Up to U.S. Yields and Tech Rout
Monday, 8 October 2018 15:44 WIB |
MARKET UPDATE |MSCI Asia PacificSaham Asia Indeks MSCI Asia Pasifik
Asian equities fell for a sixth straight session on Monday as Chinese shares joined the global rout caused by the rise of U.S. Treasury yields and the fall in technology stocks after a week-long holiday.
The MSCI Asia Ex Japan Index fell 1.3 percent to 494.44 as of 4:28 p.m. in Hong Kong, headed for its lowest close in nearly 17 months. Equity gauges fell in most countries across the region, while Japan was closed for a holiday. China's Shanghai Composite Index led declines, trading for the first time since Sept. 28, even after country's central bank reduced reserve requirements for lenders over the weekend. The CSI 300 Index capped its worst performance after the week-long October holiday since 2008.
Asian stocks declined 3.4 percent last week as the U.S. 10-year Treasury yield rose to a seven-year high, raising concerns of tighter-than-expected monetary policy, and as the MSCI AC Asia Pacific Information Technology Index fell to its lowest in 15 months after Bloomberg News report that China had infiltrated American companies with a hardware hack.
South Korea's Kospi index down 0.6%; Kospi 200 down 0.5%, Australia's S&P/ASX 200 down 1.4%; New Zealand's S&P/NZX 50 down 0.7%.
Singapore's Straits Times Index down 0.7%; Malaysia's KLCI little changed; Philippine Stock Exchange down 0.4%; Jakarta Composite up 0.7%; Thailand™s SET down 0.9%; Vietnam's VN Index down 1.2%.