Chinese Markets Gain as Rest of Asia Loses


Slight gains seen during the U.S. session failed to translate into an advance in Asian stocks on Tuesday, with major markets in the region finishing the day in negative territory.

In Japan, the Nikkei 225 docked 47.84 points, or 0.2%, to 22,818.02. Gains seen in banking stocks, with Mitsubishi UFJ Group up 1.7%, were offset by declines in the real estate sector, among others.

In Hong Kong, the Hang Seng Index let go of 289.05 points, or 1.2%, to 31,152.03, after notching its sixth straight session of gains on Monday. Heavily weighted financials and technology shares were a drag on the benchmark, with Tencent down 2.7% before the market close.

In individual movers, AAC Technologies fell 6% after the company on Monday announced first-quarter net profit that missed expectations.
Korean stocks declined, as technology stocks weighed. Heavyweight Samsung Electronics fell 1.8% while chipmaker SK Hynix gave up early gains to slide 0.9%. Steelmakers and automakers also came under pressure.

Australian markets dipped, with declines seen in all but the information technology subindex. Telecommunications stocks traded lower as Telstra fell 5.6% after its profit warning on Monday.

CHINA

Mainland markets closed higher following the release of mixed China data, which showed industrial output topped expectations while retail sales missed forecasts.

In Shanghai, the CSI 300 gained 14.81 points, or 0.4%, to 3,924.10

U.S. Commerce Secretary Wilbur Ross on Monday said he hoped good relations between Trump and Xi would help to bring an agreement on trade matters, although he also acknowledged that the gap between the countries "remains wide."

That followed a tweet from President Donald Trump on Sunday about working to find a way for Chinese telecommunications equipment company ZTE "to get back into business, fast." That pledge comes after the U.S. government imposed a ban on U.S. companies on supplying ZTE with technology after the Chinese firm was found to have illegally shipped equipment to Iran.

In other markets

In Korea, the Kospi index dropped 17.57 points, or 0.7%, to 2,458.54

In Singapore, the Straits Times Index removed 22.23 points, or 0.6%, to 3,540.23

In Taiwan, the Taiex Index subtracted 77.66 points, or 0.7%, to 10,874.73

In New Zealand, the NZX 50 lost 4.45 points, or 0.1%, to 8,708.79

In Australia, the ASX 200 toppled 37.48 points, or 0.6%, to 6,097.82