Asia: Markets still under pressure following concerns over growth in China
Shares in Asian markets fell throughout the region following concerns over growth in China.
Hang Seng
23,005.63
10:20 04/10/24
Nikkei 225
39,485.19
09:45 04/10/24
The Shanghai Composite was down 3.43% with transport, banks and brokerages leading declines.
The smaller Shenzhen Composite was down 2.90% while the start-up dominated ChiNext had lowered by 2.41% at the close.
Accendo Markets said Asian stocks continued to fall of concerns in China with investors gauging the solidity of the market by looking at how involved the Chinese government is in propping it up.
“Intervention tempting retail investors into equities while a lack thereof being taken as a mass sell signal,” Accendo Markets said in a note.
Elsewhere Hong Kong’s Hang Seng plunged to 1.77% at the close, after flirting with a bear market earlier in the day. Airline Cathay Pacific was among losers after reporting a lower than estimated first half profit.
The Nikkei 225 followed the trend dipping 0.93%, continuing a downtrend after new figures showed exports rose 7.6% year on year in July, beating analysts’ expectations of a 5.2% rise, while imports dropped by 3.2% year on year during the same period. The yen was at ¥124.06 to the dollar.
Down under the ASX 200 was down 1.7%, following US weakness lower. The index remained on track for its worst monthly performance since May 2012.
Listed resources companies plunged on weaker oil and commodity prices, while banking shares also dropped.
In New Zealand shares fell 0.1 % led by milk marketer A2 Milk Co, which failed to update investors on takeover action. Rubber maker Skellerup Holdings and online marketplace Trade Me Group advanced after reporting better than expected full year earnings.