Asian markets fell with Nikkei by 0.9%; Alibaba brought huge sales on Singles’ Day


Most of the stocks in Asia opened on the negative territory following a depressing finish on Wall Street last Friday. The e-commerce company in China brought more than $25 billion on Singles’ Day this 2017.

Looking at Asian indices, the Aussie benchmark ASX 200 index plunged about 0.18 percent. This is after its heavily-weighted financials sub-index slipping by 0.58 percent.

The Nikkei 225 index in Japan dropped as low as 0.87 percent due to the poor performance from its financial and housing sector. Still, stocks from its energy sector managed to settle mixed with Inpex falling by 1.52 percent and Fuji Oil Holding jumping about 1.32 percent.

The South Korean benchmark Kospi index lost about 0.24 percent in early trade, with its cosmetic stocks and automakers as the leading decliners. However, Hyundai Motors and Amorepacific advancing on the day by 2.91 percent and 1.25 percent respectively. Tech giant Samsung declined as low as 2.38 percent.

On the corporate news, global transportation technology company Uber Technologies is already reaching a deal to sell a stake of the firm to the SoftBank of Japan, according to a released report from the New York Times. The said agreement would sell about 14 percent of Uber.

Chinese e-commerce company Alibaba Group Holding Limited said that they brought as much as $25 billion in sales this year due to a successful Singles’ Day. This is greater than what they earned last 2016 with $17.8 billion in sales.


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