Shares in the Asia-Pacific mostly fell on Monday amid growing COVID concerns in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold — in line with expectations.
In Japan, the Nikkei 225 recovered 45.02 points, or 0.2%, to 27,944.79.
Shares of some Japanese trading houses rose early in the Asia session, despite retreats in the region’s markets, after billionaire Warren Buffett’s Berkshire Hathaway boosted its stake in the firms, according to individual regulatory filings.
Berkshire raised its stake by more than one percentage point in Mitsubishi, Mitsui & Co, Itochu, Marubeni and Sumitomo to hold over 6% in each of the firms, the filings showed.
Japan-listed shares of Mitsubishi rose 1.9% in the morning session, Marubeni rose 2.12% and Sumitomo rose more than 1%. Itochu also rose 0.8% and Mitsui inched 0.2% higher.
In Hong Kong, the Hang Seng dropped 336.63 points, or 1.9%, to 17,665.91.
Hong Kong stocks related to reopening and technology dropped in Asia’s morning session, dragging down the wider index, as China reported its first Covid-related deaths since May.
The nation also saw tightened Covid-related restrictions in some regions, including the capital Beijing.
Shares of Cathay Pacific fell 2.1%, Air China slipped more than 3%, China Eastern Airlines shed 2.5%. China Southern Airlines also lost more than 4%.
Casino operators MGM China plunged 6%, Wynn Macao declined nearly 7%, Sands China gave up more than 6% and Galaxy Entertainment lost about 6%.
Meituan’s shares slipped 5.7% and JD.com shed 5.8%, while Alibaba lost 4.7%.
South Korea’s exports for the first 20 days of November fell 16.7% on an annualized basis, with demand from China lagging, according to data from the customs agency.
The slump in exports is a sharp drop from the 5.5% fall seen in October compared to the same period a year ago.
Imports also dropped 5.5% for the first 20 days of November, resulting in a slight improvement in the trade deficit — $4.4 billion for the period, compared with a deficit of $4.9 billion reported in October.
The country has recorded a total of $40 billion in trade deficit year-to-date, statistics from the agency showed.
CHINA
In Shanghai, the CSI 300 dipped 32.44 points, or 0.9%, to 3,769.13.
China left its benchmark lending rate unchanged for a third month in a row, according to an announcement from the People’s Bank of China.
The one-year loan prime rate is steady at 3.65%, and the five-year rate is also on hold at 4.3%, the notice said.
In other markets
In Taiwan, the Taiex lost 55.6 points, or 0.4%, to 14,449.39.
In Korea, the Kospi index lost 24.98 points, or 1%, to 2,419.50.
In Singapore, the Straits Times Index docked 21.61 points, or 0.7%, to 3,250.62.
In Australia, the ASX 200 slid 12.58 points, or 0.2%, to 7,139.25.
In New Zealand, the NZX 50 gained 59.8 points, or 0.5%, to 11,440.40.
