Shares in Asia-Pacific were largely lower on Wednesday as concerns over the world’s recovery from the pandemic weighed on investor sentiment.
The Nikkei 225 tumbled once again, losing 590.4 points, or 2%, to 28,405.52.
The Japanese yen traded at 108.59 per U.S. dollar, as compared to levels around 108.9 against the greenback seen earlier this week.
In Hong Kong, the Hang Seng took a header, losing 579.24 points, or 2%, to 27,918.14. Wednesday’s losses left the index in correction territory as it was more than 10% lower than the 52-week high set in mid-February.
In corporate developments, shares of Shanghai Fosun Pharmaceutical Group in Hong Kong plunged 4.8%. The moves came after Hong Kong and Macao announced they were suspending BioNTech COVID vaccinations.
Fosun Pharma is BioNTech’s partner in the development and distribution of the Comirnaty COVID-19 vaccine in greater China.
Chinese tech juggernaut Tencent’s stock in Hong Kong slipped 0.8% on Wednesday. Reuters reported that the firm’s founder met with China’s antitrust watchdog officials this month to discuss compliance at his group.
In Taiwan, shares of chipmaking powerhouse Taiwan Semiconductor Manufacturing Company declined 3%. That came after Intel announced it will spend $20 billion U.S. to build two new chip factories in Arizona.
Meanwhile, Chinese streaming company Bilibili announced Tuesday that it will raise 20.2 billion Hong Kong dollars (about $2.6 billion U.S.) in its upcoming Hong Kong secondary listing after pricing its shares at 808 Hong Kong dollars each. Shares of Bilibili are expected to begin trading in Hong Kong on Monday.
The Australian dollar changed hands at $0.7601 after declining yesterday from above $0.768.
In other markets
In China, the CSI 300 dropped 80.57 points, or 1.6%, to 4,928.68
In Taiwan, the Taiex fell 145.57 points, or 0.9%, to 16,032.12.
In Korea, the Kospi index deleted 8.39 points, or 0.3%, to 3,133.31.
In Singapore, the Straits Times index eked up 1.57 points, or 0.1%, to 3,133.31.
In New Zealand, the NZX 50 removed 35.47 points, or 0.3%, to 12,358.88
In Australia, the ASX 200 gained 33.37 points, or 0.5%, to 6,778.77.
