Chinese stocks tumbled Monday as worries about anti-Japanese protests on the mainland, and concerns that Beijing was less likely to loosen its policies in the wake of the Federal Reserve’s monetary stimulus, damped investor sentiment.
Japanese markets had the day off
The Hang Seng Index in Hong Kong gained 28.33 points, or 0.1%, to 20,658.11
Most of the other major markets rose in the region, however, on lingering optimism a weaker dollar and a general improvement in risk appetite would spur fund inflows and support stocks.
Property developers also lost ground in Hong Kong after the Hong Kong Monetary Authority took fresh steps to cool home prices by tightening mortgage lending on Friday.
Sino Land Co. fell 2.1% and New World Development Co. shed 0.7%.
Concern about the anti-Japan sentiment in popular protests in China also weighed appeared to weigh on the market, with one expert saying there could be more fallout on the markets if the protests escalated.
Monday in Hong Kong, shares of Guangzhou Automobile Group Co. which operates automobile joint ventures with Honda Motor Co. and Toyota Motor Corp., tumbled 4.6% amid such concerns.
Several commodity firms were gaining on Monday amid ongoing strength in commodity prices.
Energy producer Cnooc Ltd. rising 3.7% and gold miner Zhaojin Mining Industry Co. adding 1.8%.
In Sydney, BHP Billiton Ltd. and Rio Tinto Ltd. rose 2.5% and 1.6%, respectively.
CHINA
Shanghai’s CSI 300 index slipped 56.84 points, or 2.5%, to 2,258.71
Property, brokerage and airline stocks were among those hit on mainland bourses Monday. Shares of Citic Securities Co. skidded 4.1%, Poly Real Estate Group Co. stumbled 6.7% and China Southern Airlines Co. lost 4%.
Concern about the anti-Japan sentiment in popular protests in China also weighed appeared to weigh on the market, with one expert saying there could be more fallout on the markets if the protests escalated.
In other markets
Korea’s Kospi index slid 5.23 points, or 0.3%, to 2,002.35
The Singapore Straits Times Index gained 8.30 points, or 0.3%, to 3,078.72
Taiwan’s Taiex Index added 24.17 points, or 0.3%, to 7,762.22
New Zealand’s NZX index gained 24.89 points, or 0.7%, to 3,817.23
Australia’s ASX Index added 12.57 points, or 0.3%, to 4,402.53
