Japan shares fell into correction territory Friday, pressured by global market volatility, but stocks in Indonesia jumped ahead of the inauguration of President-elect Joko Widodo.
In Tokyo, the Nikkei 225 fell another 205.87 points, or 1.4%, to 14,532.51. The index is now down more than 10% from its recent peak at the end of September — a move described by analysts as a correction.
The last time the Nikkei had such a fall was May last year, when worries about the U.S. Federal Reserve tapering its economic stimulus program roiled markets globally.
In Hong Kong, the Hang Seng index recovered 122.27 points, or 0.5%, to 23,023.21,with pro-democracy demonstrators marking their third week of occupying various streets. The number of protesters, however, is dwindling and police have stepped up their efforts to reopen streets.
CHINA
Shanghai’s CSI 300 index dipped 2.66 points, or 0.1%, to 2,441.73, ahead of the Fourth Plenum, an annual meeting of the country’s leaders which could offer clues about their plans to address a slowing economy.
Stocks in Shanghai were also affected by uncertainty over the launch date of the Shanghai-Hong Kong Stock Connect program, which will allow investors on the mainland and in Hong Kong access to each other’s markets. Market participants are expecting an announcement on the start date soon.
News out of China is the main concern for investors next week.
On Tuesday, China is expected to release third-quarter economic growth figures, forecast to be up 7.2% from a year earlier — a slowdown from a 7.5% on-year increase in the second quarter.
In other markets;
The Taiex index in Taiwan faded 120.81 points, or 1.4%, to 8,512.88
Korea’s Kospi index skidded 18.17 points, or 1%, to 1,900.66.
In Singapore, the Straits Times STI index gained 13.52 points, or 0.4%, to 3,167.73
In New Zealand, the NZX 50 picked up 14.92 points, or 0.3%, to 5,146.94
Australia’s S&P/ASX 200 added 16.83 points, or 0.3%, to 5,271.72
