Hong Kong stocks are among the markets in Asia sporting early declines of at least 0.5% following an overnight pullback overseas. The Hang Seng HSI, -0.73% is off 0.6% and the China Enterprises Index 0.7% HSCEI, -0.86% as the energy sector pulls back more than 1%. But major drug firms and pork producer WH are sliding at least 2%. The defensive utilities sector is bucking the broader market with a mild gain.
Chinese equities are among Asia’s biggest decliners. The Shanghai SHCOMP, -0.89% and Shenzhen 399106, -0.96% composites are off about 1% while the startup-heavy ChiNext is 1.4% lower. Brokerage firms are outperforming thanks to robust March results, but petrochemical and marijuana names are in retreat. Home appliances maker Gree 000651, +7.80% is again up the daily limit on its controlling shareholder’s planned stock sale.
Oil/coal-product stocks are leading the Nikkei lower NIK, -0.75% , with the sector down 3.4% on the Topix while mining is off 2.5% amid a pullback in commodities prices. That’s helped push the Nikkei down an early 0.8% as the dollar is ticked back up to Y111.15 from Y111.05 just before stocks opened in Tokyo. The greenback was at Y111.33 when markets closed there yesterday.
Singapore shares are also slightly lower in early Asian trading as the region pauses following overnight pullbacks in Europe and the U.S. The Straits Times Index STI, -0.05% is off 0.1%, with Singapore Press T39, -2.37% down 2.7% after its F2Q report. But Hutchison NS8U, +0.00% rebounded 4.2% early.
Malaysia’s stock index is barely lower amid bigger declines in most of the region. The Kuala Lumpur Composite FBMKLCI, -0.31% is off 0.1% with wireless firm Axiata AXIATA, -1.43% down 1.6% and casino-to-plantations conglomerate Genting GENTING, -1.17% dropping 0.6%. But non-index stock FGV FGV, +3.97% is climbing 4.8% ahead of today’s presentation of the government’s plan to improve financials at parent Felda.
This story was compiled from Dow Jones Newswires reports.
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