Most Asian markets down in wake of global sell-off
Many Asian markets slid again Friday amid lingering jitters over the global selloff sparked this week by the plunge in Chinese stocks.
But markets in Hong Kong and Shanghai edged higher as some investors snatched up stocks that had fallen to attractive levels in recent days.
Hong Kong’s Hang Seng Index rose 95.41 points, or 0.49 percent, to 19,442.01 as traders bought Chinese telecommunication stocks. The index had tumbled 1,365 points, or 6.6 percent, in the previous four sessions.
China Mobile rose 0.5 percent after investment bank UBS raised its target price for China’s biggest mobile operator by subscribers to HK$108 from HK$80. China Unicom advanced 1.6 percent and China Netcom jumped 1.7 percent.
Shares traded on the Chinese mainland wrapped up a turbulent week higher, with the benchmark Shanghai Composite Index rising 1.2 percent to 2,831.53 points after plunging 2.9 percent Thursday. The index tanked 8.8 percent Tuesday in its biggest daily percentage drop in a decade, but bounced back 3.9 percentWednesday.
In Tokyo, the Nikkei 225 stock index dropped 235.58 points, or 1.35 percent, to 17,217.93. Over the last four days, it has plunged 5.5 percent.
Exporter stocks like car makers and electronics companies led the decline as players are worried about the U.S. economy.
The Tokyo market was also weighed down by the strengthening of the Japanese yen against the U.S. dollar. A higher yen makes Japanese exports more expensive and less competitive overseas.
In currency trading in Tokyo, the dollar gained against both the euro and the yen. The euro fell to US$1.3176 from US$1.3198. The greenback bought 117.64 yen Friday afternoon, up from 117.58 yen late Thursday in New York.
Source: AP via The Jakarta Post