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May 16, 2021

Chinese markets closing in red as reports over the weekend showed that the U.S. could be imposing new tariffs on $200 billion of Chinese goods

asian markets

Asian equities closed today’s session in mixed territories with Chinese markets closing in red as reports over the weekend showed that the U.S. could be imposing new tariffs on $200 billion of Chinese goods as early as this week.

Over in China, the Shanghai Composite fell by 1.11 percent to close the session in the red at 2,651.79 pressured by losses in Telecommunications Services and Basic Materials sectors. Moreover, the blue-chip index Shanghai Shenzhen dropped 1.15 percent or 37.16 points to end the session lower at 3,204.92 pressured by the losses in the Telecommunications Services and Healthcare sectors.

Moreover, Hong Kong’s main benchmark Hang Seng fell by 1.3 percent or 353.56   points to trade at 26,932.85 at the close. The index was pressured by the losses in Healthcare, Technology, and Consumer Non-Cyclicals sectors.

To continue with the Eastern market, in South Korea, the KOSPI index closed the session in the red as it lost 0.66 percent to end the session at 2,303.01 pressured by the losses in, Consumer Non-Cyclicals and Energy sectors.

In stock news, Galaxy Entertainment Group’s stock traded lower by 1.71 percent, while SJM Holdings declined by 0.56 percent after casinos in Macau were forced to shut on Saturday with the arrival of Typhoon Mangkhut.

Japanese Stock Market:

Japanese markets were closed today due to Respect for the Aged Day.

Australian Stock Market:

The Australian’s main index S&P/ASX200 traded higher by 0.32 to close the session in the green at 6,185.00 due to Gains in Telecom and Utilities sectors.

In stocks news, TPG Telecom was the top performer in the market as its share surged by 3.81 percent followed by St Barbara which gained 3.6 percent.

On the flip side, Estia Health and Aveo were the worst performers in the market as they dropped by 18.6 percent and 7.2 percent respectively.

In the currency market, the Aussie traded higher at 0.7173 AUDUSD at 9:00 GMT.



Ali Hwary

Ali Hwary

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