People wearing face masks walk in front of the Hong Kong skyline on October 17, 2022 in Hong Kong, China.
Vernon Yuen Norfoto Getty Images
Hong Kong shares and mainland China markets fell sharply on Monday while other major Asia Pacific markets rose.
Hong Kong Hang Seng Index It fell 6.36% to 15,180.69, its lowest since April 2009, with Hang Seng Tech dropping more than 9%.
Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management, said a combination of factors have been driving the Hong Kong market recently, including higher US Treasury yields.
Investors may also have expected the announcement of policy measures during the 20th National Congress of the Communist Party of China, which closed over the weekend as President Xi Jinping loyalists chose to form basic driving group.
“Since the meeting is mostly about personnel changes, the economic recovery may not come as soon as we had hoped,” Tay told CNBC in an email.
Mainland China markets briefly entered the positive territory in Better than expected economic data before falling again. The Shanghai boat In mainland China it was 2.02% lower at 2,977.56, and Shenzhen Component It lost 2.055% to 10694.61.
in Australia , S & P / ASX 200 It was 1.54% higher at 6779.40. The Cosby In South Korea, it rose 1.04% to 2236.16, and the Kosdaq rose 2.08% to 688.50.
Japan Nikkei 225 Topix rose 0.31% to 26974.90 and Topix rose 0.28% to 1,887.19. MSCI’s broadest index of Asia Pacific shares outside Japan was down 1.94%.
The authorities in Japan reportedly intervened in the forex market on Friday. caused to yen to sharply strengthen. But the currency continued to swing. On Monday in Asia, the currency briefly strengthened to 145 levels but was last at 149.25 per dollar.
US stocks rose the following Friday The Wall Street Journal report Some Fed officials are concerned about tightening policy too much. On Friday in the US, the Dow Jones Industrial Average jumped 748.97 points, or 2.47%, to close at 31,082.56. The S&P 500 rose 2.37% to 3,752.75. The Nasdaq Composite rose 2.31% to 10,859.72.
The markets of Singapore, Malaysia and India are closed for a holiday on Monday. Later this week, the Bank of Japan will meet, while Singapore and Australia are expected to release inflation data.
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