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Selling continued Friday for most Asia-Pacific stock markets, with Japanese equities logging a sixth straight drop after getting hit by an overnight jump in the yen and China outperforming its peers.
Earnings uncertainty sent Japan’s Nikkei NIK, -0.80% down 0.8%, along with the double whammy of this week’s typhoon and earthquake. It was the first six-day losing streak since January. Analysts said the market was also pressured by President Donald Trump’s comments about turning an eye toward Japan next on trade.
“Once we have such incidents, short-term uncertainty is inevitable,” said Chisato Haganuma, chief equity strategist at Mitsubishi UFJ Morgan Stanley Securities. The dollar USDJPY, +0.35% was down to ¥110.40, a full yen below day-earlier levels. Currency-sensitive big-cap exporters like Toyota 7203, -1.06% and Sony 6758, -0.92% fell more than 1%.
The Shanghai Composite SHCOMP, +0.40% was up 0.4%. It had dropped in seven of the past eight days to move within 1% of last month’s multiyear closing low on Thursday. The Shenzhen Composite 399106, +0.10% rose 0.1%, but was well off its best levels of the session. Big-cap energy names led the way.
Hong Kong stocks also stabilized, with the Hang Seng HSI, -0.01% ending little changed after gaining for much of the session. That followed Thursday’s 13-month closing low. Tencent 0700, +0.70% was in positive territory following its 13-month low Thursday.
Meanwhile, the benchmark in Australia XJO, -0.27% was down 0.3% and it South Korea SEU, -0.26% was down about 0.3%. They were hit by fresh overnight drops in oil prices and U.S. tech stocks, with the Kospi dragged down by Samsung c 005930, -2.60% and SK Hynix 000660, -3.68% . In Australia, Oil Search OSH, -2.09% and Woodside Petroleum WPL, -1.23% were each down around 2%.
Malaysian stocks FBMKLCI, +0.03% added to yesterday’s gains, continuing to outpace most other markets in Asia. Petronas Chemicals PCHEM, +0.11% and Petronas Gas PETGAS, -0.22% were each up, though off session highs. Singapore stocks STI, -0.42% fell, trading at 16-month lows, with banking heavyweight DBS D05, -1.06% down 1%. Taiwan’s Taiex Y9999, -0.71% slipped 0.7%.
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