Asian indices fell after a poor performance from their tech sector

asian markets mixed

Stocks in Asia started in the negative territory on Thursday’s opening session. This came in after the falling of Asian stocks following a depressing finish at Wall Street. Global investors are currently enduring upbeat Chinese data.

The official manufacturing Purchasing Manager’s Index (PMI) in China was higher than the expected 51.4 rise from economist in Reuters as it came in about 51.8 for this month. Meanwhile, the reading at services sector PMI also beat the forecast of 54.3 as it came in at 54.8 this November.

Looking at Asian indices, the Japanese benchmark Nikkei 225 index dropped as low as 0.11 percent driven by the poor performance from the nation’s tech giants. Video game company Nintendo declined by 2.9 percent and Japanese conglomerate Sony slumped by 2.22 percent.

Across the Korean Strait, the Kospi index edged down by 0.6 percent following the interest rate hike from the Bank of Korea for the very first time in more than 6 years. The bank lifted rates from 1.25 percent to 1.5 percent which came in as a surprise to the stock market.

The Australian benchmark ASX 200 index fell more than 0.58 percent as it was pulled down by the poor performance from its financial and tech sector. Banking stocks in the nation lost about 0.87 percent following the announcement of their government suggesting it would establish a query to the sector.

UAE, Kuwait and Bahrain markets are shut on the day. Markets in the Philippines as well due to Bonifacio Day.



Leave a Reply

Your email address will not be published.