Mon, 27 Sep 2021

Asian sharemarkets falter, greenback steadies

Lola Evans
30 Jul 2021, 18:22 GMT+10

SYDNEY, NSW, Australia - There was wholesale selling of stocks on Asian markets on Friday with the technology sector coming in for the biggest hit.

The Hong Kong and Chinese mainland stock markets have spent the week under pressure after China introduced regulatory reforms aimed at a small number of sectors, including technology companies in particular.

"While we still expect the overall regulatory environment to remain tight this year, we believe the recent sell-off provides a good entry point for long-term investors," Nomura analysts Jialong Shi and Thomas Shen said in a report Thursday, as reported by CNBC.

"We believe the Internet industry is resilient and adaptable enough to navigate through the current regulatory storm, safe and sound," they said, noting, however, that they don't expect the sector to gain significantly in the near term due to "mediocre" second-quarter earnings results.

At the close on Friday, the Nikkei 225 in Tokyo was down 498.83 points or 1.80 percent at 27,283.59.

China's Shanghai Composite declined 14.37 points or 0.42 percent to 3,397.36.

In Hong Kong, the Hang Seng gave up 379.74 points or 1.44 percent to 25,935.58.

The Australian All Ordinaries lost 31.00 points or 0.40 percent to 7,664.20.

The U.S. dollar remained under pressure after being sold off overnight. The currency however was little moved in Asia, trading in a tight range. The euro was unmoved at 1.1895, as was the British pound at 1.3971. The Japanese yen fetched 104.49, and the Swiss franc 0.9059.

The Canadian dollar was steady at 1.2438. The Australian and New Zealand dollars were litle changed at 0.7395 and 0.7011 respectively.

Overnight on Wall Street, the Dow Jones industrials climbed 153.40 points or 0.44 percent to 35,084.33.

The Nasdaq Composite rose 15.68 points or 0.11 percent to 14,778.26.

The Standard and Poor's 500 added 18.49 points or 0.42 percent to 4,419.13.

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