Asian markets trended down in early trading Friday, following a pullback by the Dow Jones Industrial Average and a continued drop in oil prices.
Japan’s Nikkei NIK, -0.67% fell 0.7% while Hong Kong’s Hang Seng index HSI, +0.04% edged up 0.2%. The Shanghai Composite SHCOMP, -0.78% declined 0.5% and South Korea’s Kospi SEU, -0.56% was down 0.4%. Stocks were about flat in Singapore STI, +0.07% and Indonesia JAKIDX, -1.16% , but down in Taiwan Y9999, -0.99% . Australia’s S&P/ASX 200 XJO, -0.04% was down slightly
Among individual stocks, Nintendo 7974, -2.88% slumped in Tokyo trading after issuing an “ultra-conservative guidance” for the year following earnings. SoftBank 9984, -1.17% also fell, while Yahoo Japan 4689, +2.75% jumped. In Hong Kong, Country Garden 2007, +1.61% and AAC Technologies 2018, +2.01% rise while CNOOC 0883, -1.77% slipped. Shares of Hong Kong Airlines parent HNA Group 600221, -1.84% fell amid a battle for control of the company. LG Electronics 066570, -2.47% and SK Hynix 000660, -2.37% declined in South Korea, as did Taiwan Semiconductor 2330, -2.80% in Taiwan. Beach Energy BPT, -2.70% and Fortescue Metals FMG, -5.07% dropped in Australia.
Oil prices pulled back from multi-month highs Thursday, and U.S.-based West Texas Intermediate crude for June delivery CLM9, -0.55% and June Brent crude LCOM9, -0.32% , the global benchmark, continued to slide Friday.
“End of U.S.-Iran sanctions waivers are still the principle focus,” Stephen Innes, head of trading at SPI Asset Management, said in a note. “But perhaps price action was a bit to too enthusiastic.”
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