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06-05-2022, 07:54 PM
Hong Kong's Hang Seng index drops more than 3% following Wall Street tumble
* Shares in Asia-Pacific declined on Friday.
* Hong Kong’s Hang Seng index led losses regionally as it fell 3.81% to close at 20,001.96.
* Shares on Wall Street declined sharply overnight, with the Dow Jones Industrial Average seeing its worst day since 2020.
Eustance Huang
PUBLISHED THU, MAY 5 20227:36 PM EDT
SINGAPORE — Shares in Asia-Pacific largely declined on Friday after an overnight drop on Wall Street sent the Dow Jones Industrial Average to its worst day since 2020.
Hong Kong’s Hang Seng index led losses regionally as it fell 3.81% to close at 20,001.96. In mainland China, the Shanghai Composite slipped 2.16% to end the trading day at 3,001.56 while the Shenzhen Component shed 2.141% to 10,809.88.
“In Asia of course we’re very much influenced by what the U.S. Fed does and the U.S. economy but now we face the zero-Covid problem from China,” Richard Martin, a business consultant and managing director at IMA Asia, told CNBC’s “Street Signs Asia” on Friday.
Data shows China’s recent Covid lockdowns are hitting more than just Beijing and Shanghai, where the bulk of new infections have been found.
“A lot of the components and materials come out of China, so in addition to weak demand from China, we’re going to have a shortage of components from China which on the supply side into the markets across Asia will stop factories running,” Martin said.
Technology stocks in the region sold off, following the tech-heavy Nasdaq Composite’s nearly 5% drop overnight stateside.
Shares of Tencent declined 4.69% while Alibaba fell 6.57% and Meituan slipped 4.68%. Hong Kong’s Hang Seng Tech index dropped 5.23% to 4,036.26. The broader risk-off sentiment also extended to electric vehicle stocks, with Xpeng plunging 9.84% while Nio shed 11.47%.
In Japan, shares of conglomerate SoftBank Group dropped 2.27%. South Korea’s Kakao slipped 5.28% while industry heavyweight Samsung Electronics declined 2.06%.
More details in https://www.cnbc.com/2022/05/06/asia-mar...s-oil.html
* Shares in Asia-Pacific declined on Friday.
* Hong Kong’s Hang Seng index led losses regionally as it fell 3.81% to close at 20,001.96.
* Shares on Wall Street declined sharply overnight, with the Dow Jones Industrial Average seeing its worst day since 2020.
Eustance Huang
PUBLISHED THU, MAY 5 20227:36 PM EDT
SINGAPORE — Shares in Asia-Pacific largely declined on Friday after an overnight drop on Wall Street sent the Dow Jones Industrial Average to its worst day since 2020.
Hong Kong’s Hang Seng index led losses regionally as it fell 3.81% to close at 20,001.96. In mainland China, the Shanghai Composite slipped 2.16% to end the trading day at 3,001.56 while the Shenzhen Component shed 2.141% to 10,809.88.
“In Asia of course we’re very much influenced by what the U.S. Fed does and the U.S. economy but now we face the zero-Covid problem from China,” Richard Martin, a business consultant and managing director at IMA Asia, told CNBC’s “Street Signs Asia” on Friday.
Data shows China’s recent Covid lockdowns are hitting more than just Beijing and Shanghai, where the bulk of new infections have been found.
“A lot of the components and materials come out of China, so in addition to weak demand from China, we’re going to have a shortage of components from China which on the supply side into the markets across Asia will stop factories running,” Martin said.
Technology stocks in the region sold off, following the tech-heavy Nasdaq Composite’s nearly 5% drop overnight stateside.
Shares of Tencent declined 4.69% while Alibaba fell 6.57% and Meituan slipped 4.68%. Hong Kong’s Hang Seng Tech index dropped 5.23% to 4,036.26. The broader risk-off sentiment also extended to electric vehicle stocks, with Xpeng plunging 9.84% while Nio shed 11.47%.
In Japan, shares of conglomerate SoftBank Group dropped 2.27%. South Korea’s Kakao slipped 5.28% while industry heavyweight Samsung Electronics declined 2.06%.
More details in https://www.cnbc.com/2022/05/06/asia-mar...s-oil.html
Specuvestor: Asset - Business - Structure.