Asian stock markets were mixed in early trading Tuesday, as investors awaited the U.S. midterm elections.
rose about 1% after yesterday’s pullback, with drug and consumer-goods makers strong; Sumitomo Dainippon Pharma
was up 5.7%. Meanwhile, SoftBank
gave up early gains and sank more than 2% despite posting strong second-quarter results after the bell Monday. Also, while denouncing the killing of Saudi journalist Jamal Khashoggi, SoftBank Chief Executive Masayoshi Son said his company’s massive investment fund will continue to do business with Saudi Arabia.
Chinese stocks fell, with the Shenzhen Composite
, where many smaller-cap firms are listed, dropping 1.6%. The Shanghai Composite
, meanwhile, declined 1% after snapping a four-day winning streak yesterday. One bright spot was the so-called technology-innovation sector, following word of tax breaks. Zhangjiang Hi-tech Park
and Luxin Venture Capital
were again up the 10% daily limit.
Hong Kong stocks dropped slightly, with the Hang Seng Index
off 0.1%. Tencent
was down 1.2% after yesterday’s 3.7% retreat. Mainland property developers, meanwhile, reversed a bit of yesterday’s latest swoon, rising some 1%. But insurer AIA
was down 0.3% and smartphone-component maker AAC
dropped a further 6.6%.
South Korea’s Kospi
was up slightly, though Samsung
fell more than 1%. Taiwan’s Taiex
fell nearly 1% as Apple Inc.
supplier Largan Precision
tumbled 6%. Markets in Singapore and Malaysia were closed for a holiday.
Down Under, Australia’s ASX 200
was up nearly 1%, led by the energy and materials sectors. Later in the day, the Reserve Bank of Australia is expected to announce it is keeping its interest rates flat. New Zealand’s NSX-50
index was up 0.4%.
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