Thu. Dec 8th, 2022

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Asian markets mostly mixed

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Asia-Pacific stocks

Mixed Asia-Pacific stocks

Asia-Pacific markets were mixed on Monday, as investors reacted to rising tech tensions between Washington and Beijing.

Mainland Chinese stocks led losses among the region’s major markets on the day, with the Shanghai composite down 1.87% to about 3,292.59 while the Shenzhen component dropped 2.729% to around 13,284.03. Hong Kong’s Hang Seng index closed 0.43% lower at 24,589.65.

Hong Kong-listed shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest chip manufacturer, plunged 22.88% on Monday. The Hang Seng Tech index also dropped 4.57% on the day to 7.240.96. It came after a U.S. Defense Department spokesperson said President Donald Trump’s administration is considering imposing export restrictions on SMIC.

SMIC is seen as an important player in China’s ambition to grow its domestic semiconductor industry. The potential move by Washington, first reported by Reuters, would mark a major escalation in the tech battle between the U.S. and China.

In Japan, the Nikkei 225 closed 0.5% lower at 23,089.95 while the Topix index shed 0.42% to end its trading day at 1,609.74. South Korea bucked the trend, with the Kospi gaining 0.67% to close at 2,384.22. Australia’s S&P/ASX 200 also closed 0.33% higher at 5,944.80.

Overall, the MSCI Asia ex-Japan index was 0.26% lower.


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