Asian stocks retreat into thin holiday trading
(RTTNews) – Asian stocks fell on holiday trading on Monday, with markets in China, Japan, South Korea and Taiwan being closed for the holidays.
Trade in Japan will resume on Tuesday, while Taiwan and China will return on Wednesday and South Korea will return on Thursday.
Hong Kong’s Hang Seng Index fell 821.62 points, or 3.30%, to 24,099.14. Real estate developer China Evergrande Group fell more than 10% ahead of the bond payment deadline later this week.
The Agricultural Bank of China lost 4.1% after Reuters reported sources citing that China’s third-largest lender had set aside provisions for loan losses on its exposure to besieged China Evergrande.
Australian markets fell as weak commodity prices pushed mining and energy stocks down. The benchmark S & P / ASX 200 fell 155.50 points, or 2.10%, to 7,248.20, marking a three-month low. The larger All Ordinaries Index ended down 165 points, or 2.14%, at 7,537.90.
BHP, Fortescue Metals Group and Rio Tinto all fell around 4% as iron ore prices plunged following reports that China plans to expand air pollution control measures in Beijing and the rest of the world. neighboring provinces.
Energy stocks also ended broadly lower, with oil extending last week’s losses on a stronger dollar. Woodside Petroleum, Origin Energy, Oil Search and Santos sold 2-3 percent.
AusNet Services climbed 19.2% after Brookfield Asset Management made a Australian $ 9.6 billion (US $ 7 billion) takeover bid for the Australian energy infrastructure company.
New Zealand stocks ended lower, with the benchmark NZX-50 losing 55.97 points, or 0.42%, to 13,178.58, even as coronavirus restrictions eased slightly in the Auckland’s largest city.
U.S. stocks fell on Friday as uncertainties over COVID-19, disappointing data on consumer sentiment and the growing likelihood of a corporate tax hike rocked sentiment.
The Dow Jones fell half a percent, while the Nasdaq Composite and the S&P 500 both lost around 0.9%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.