Asian shares lower, tracking modest pullback on Wall Street

30 Jan,2018

Tokyo, BdChronicle:

Asian shares were lower Tuesday following Wall Street's biggest loss in more than four months.

KEEPING SCORE: Japan's Nikkei 225 index lost 0.6 percent to 23.477.26 and Hong Kong's Hang Seng edged 0.1 percent lower to 32,922.11. South Korea's Kospi was flat at 2,598.11. The Shanghai Composite index fell 0.3 percent to 3,510.85 and Australia's S&P ASX 200 gave up 0.3 percent to 6,054.30. Shares were lower in Taiwan, Singapore and Indonesia.

WALL STREET: The sell-off was led by technology stocks, the biggest gainers in 2017, which accounted for much of the slide. Energy companies also fell as crude oil prices finished lower. Utilities and other rate-sensitive sectors declined as bond yields hit their highest level in almost four years. The Standard & Poor's 500 index fell 0.7 percent to 2,853.53 and the Dow Jones industrial average also dropped 0.7 percent, to 26,439.48. The Nasdaq composite lost 0.5 percent, to 7,466.51. The Russell 2000 index of smaller-company stocks gave up 0.6 percent to 1,598.11. Losers outnumbered gainers almost five-to-one on the New York Stock Exchange.

TRUMP: Also on investors' radar: Tuesday night's State of the Union address by President Donald Trump, and a two-day meeting of the Federal Reserve's policymaking committee that wraps up Wednesday. "This is one of the few prepared speeches that the president will give, so the progress on NAFTA and trade with China is something the market is going to watch carefully," said Mike Baele, senior portfolio manager at U.S. Bank Private Wealth Management.

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