Bloomberg News
Asian markets finished in the red on Monday, with several indexes closing near session lows, as trade skirmishes were among the uncertainties that continued to keep buyers on the sidelines.
Among the worst performers, Hong Kong’s Hang Seng Index tumbled 1.3%, dragged lower by losses for tech shares, with Apple Inc. supplier AAC Technologies Inc. dropping nearly 2%. The Shanghai Composite finished down 1%, while the small-cap heavy Shenzhen Composite slipped 0.7%.
Tech losses came amid reports that President Donald Trump may announce measures as soon as the end of this week to block Chinese companies from investing in U.S. technology firms. Such a move may only serve to ratchet up trade tensions.
Investors largely brushed aside the latest cut to banks’ reserve-requirement ratio by the People’s Bank of China, as the move was anticipated. Some were even expecting a reduction larger than the half-point cut that will become effective next week. Around 80% of the Chinese banking system’s funding will be supported by the cut, Bank of Communications, or Bocom, one of the country’s biggest banks, estimated.
Taiwan’s Taiex also had a rough session, falling 1%.
Japan’s Nikkei finished down 0.7%, while South Korea’s Kospi managed to close just in the green, bucking the weaker trend across the region. Australia’s S&P/ASX 200 dipped 0.2%.
— Barbara Kollmeyer contributed to this article