Asian equities ended today’s trading session in the red territories as investors fretted about rising trade tensions between the U.S. and China

Asian equities ended today’s trading session in the red territories as investors fretted about rising trade tensions between the U.S. and China

August 10, 2018 0 By Ali Hwary

Asian equities ended today’s trading session in the red territories as investors fretted about rising trade tensions between the U.S. and China as well as the new set of U.S. sanctions on Russia.

Hong Kong’s main benchmark Hang Sang fell by 0.84 percent to trade at 28,366.62 at the session’s close, pressured by services, materials and energy sectors.

Meanwhile, the South Korean benchmark KOSPI lost 0.91 percent to end the session at 2,282.79. Pressured by Samsung Electronics dropped by 3.2 percent and SK Hynix declined 3.7 percent.

Over in the Chinese Mainland, the Shanghai Composite rose by 0.04 percent to close the session at 2,795.44. Furthermore, the Shenzhen Composite gained 0.68 percent to end the session in the green at 3315.27 Supported by Healthcare, Financials and Technology sectors.

In the Economic news, trade concerns were present, with China announcing earlier this week that it would retaliate against recent U.S. tariffs. The Chinese Ministry of Commerce announced Thursday a 25 percent tariff on 16 billion Dollars in U.S. goods, a move that came after the U.S. Trade Representative’s office said duties on 16 billion Dollars in Chinese imports would take effect on Aug. 23.

Japanese Stock Market

Japanese stocks traded lower on today’s session to hit one-month low as the primary Japanese index Nikkei fell by 1.33 percent to close in the red at 22,298.08. Pressured by Telecommunications services, Basic Materials, and Financials sectors.

In stocks news, Taiyo Yuden Co Ltd was the worst performer in the session losing  6.39 percent followed by GS Yuasa Corp which fell by 5.82 percent.

On the other hand, Ebara Corp was the best performer in the session surging 12.56 percent followed by Showa Shell Sekiyu KK which added 8.09 percent.

Regarding the Economic News, Japan’s GDP expanded a seasonally adjusted half percent sequentially in the second quarter of 2018, the Cabinet Office said in a preliminary reading. That exceeded expectations for an increase of 0.3 percent following the 0.2 percent loss in the three months prior.

In the currency market, the Japanese Yen fell against the Greenback to trade in the green at 110.90 USDJPY at 11:00 GMT.

 

Australian Stock Market

Australian shares were lower on Friday’s session as the country’s main index S&P/ASX200 fell by 0.31 percent or 19.30 points to end the session in the red at 6,278.400. Pressured by Energy, Utilities and Basic Materials sectors.

Meanwhile, Energy stocks Santos, Oil Search, Origin Energy and Beach Energy all fell between 2 and 4 percent. Australia’s biggest power producer AGL Energy tumbled 2.3 percent to extend Thursday’s losses.

Among the big three banks, Banks ANZ, NAB and Westpac gained between 0.3 percent and half a percent.

In the Forex Market, the Aussie tumbled against the Greenback to trade lower at 0.7292 AUDUSD at 11:00 GMT.

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