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Asia-Pacific Markets Slide On Monday, Driven By Hong Kong’s Hang Seng Index’s 2% Drop

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Hang Seng Index

(CTN NEWS) – Asia-Pacific markets experienced a decline on the Monday trading session, with Hong Kong’s Hang Seng index leading the downturn.

The index experienced a notable drop of nearly 2%, primarily influenced by declines in basic materials and consumer cyclical stocks.

Notably, Real Estate Sector Suffers Sell-Off, Led by Country Garden Holdings on Hang Seng Index

Interestingly, the real estate sector also faced a sell-off, prominently marked by real estate firm Country Garden Holdings, which spearheaded the losses on the Hang Seng index.

Similarly, stocks in mainland China exhibited an overall negative trend, with the CSI 300, a key benchmark for mainland stocks, concluding the day with a 0.73% decrease, settling at 3,855.9 points on Monday.

Hong Kong2 1

The Nikkei 225 index in Japan retreated by 1.27%, concluding at 32,059.91, while the Topix index experienced a decrease of 0.98%, ending at 2,280.89.

Japan is poised to unveil its second-quarter gross domestic product figures on Tuesday, followed by July’s inflation data scheduled for release on Friday.

In South Korea, the Kospi index witnessed a decline of 0.79%, settling at 2,570.87, while the Kosdaq index faced a more significant setback, dropping by 1.15% to reach 901.68. Both indices extended their period of losses for a third consecutive day.

In parallel, Australia’s S&P/ASX 200 index posted a 0.86% decline, marking its second consecutive day of losses, closing at 7,277.

TICKER COMPANY NAME PRICE CHANGE %CHANGE
.N225
Nikkei 225 Index *NIKKEI 32059.91 -413.74 -1.27
.HSI
Hang Seng Index *HSI 18773.55 -301.64 -1.58
.AXJO
S&P/ASX 200 *ASX 200 7277 -63.1 -0.86
.SSEC
Shanghai *SHANGHAI 3178.43 -10.82 -0.34
.KS11
KOSPI Index *KOSPI 2570.87 -20.39 -0.79
.FTFCNBCA
CNBC 100 ASIA IDX *CNBC 100 8301.45 -115.86 -1.38

In the U.S., the conclusion of the week witnessed a blend of market outcomes. The Nasdaq Composite, notably, recorded a 0.6% decrease on Friday, marking its second consecutive week of losses in the year 2023.

This decline was primarily attributed to a significant sell-off in semiconductor stocks, including prominent names such as Advanced Micro Devices, Nvidia, and Micron.

Meanwhile, the S&P 500 experienced a marginal decline of 0.1%, while the Dow Jones Industrial Average managed to secure a gain of 0.3%. This positive movement in the Dow was buoyed by notable advancements of 2.1% in Chevron and 1.8% in Merck & Co.

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