Hong Kong Tumbles Following Wall St. Losses

Shares in Asia-Pacific largely declined on Friday after an overnight drop on Wall Street sent the Dow Jones Industrial Average to its worst day since 2020.

After an extended holiday, markets in Japan resumed on Friday, with the Nikkei 225 hurtling higher 185.03 points, or 0.7%, to 27,003.56.

In Japan, shares of conglomerate SoftBank Group dropped 2.3%. South Korea’s Kakao slipped 5.3% while industry heavyweight Samsung Electronics declined 2.1%.

The Japanese yen traded at 130.50 per U.S. dollar, weaker as compared to levels below 130 seen against the greenback earlier in the week.

The Hang Seng index in Hong Kong cratered 791.44 points, or 3.8%, to 20,001.96.

Technology stocks in the region sold off, following the tech-heavy NASDAQ Composite’s nearly 5% drop overnight stateside.

Shares of Tencent declined 4.7% while Alibaba fell 6.6% and Meituan slipped 4.7%. The broader risk-off sentiment also extended to electric vehicle stocks, with Xpeng plunging 9.8% while Nio shed 11.5%.

The Australian dollar was at $0.7081 after yesterday’s decline from levels above $0.721.

CHINA

In Shanghai, the CSI 300 index faded 101.4 points, or 2.5%, to 3,908.81.

Data shows China’s recent COVID lockdowns are hitting more than just Beijing and Shanghai, where the bulk of new infections have been found.

In other markets

In Taiwan, the Taiex swooned 287.92 points, or 1.7%, to 16,408.20.

In Korea, the Kospi index returned to trading, with a loss of 33.06 points, or 1.2%, to 2,644.51.

In Singapore, the Straits Times Index dipped 51.68 points, or 1.6%, to 3,291.89.

In New Zealand, the NZX 50 faltered 138.19 points, or 1.2%, to 11,609.38.

In Australia, the ASX 200 slumped 159.01 points, or 2.2%, to 7,205.64.