Dipo Olowookere
By Investors Hub
Asian stocks turned in a mixed performance on Monday as U.S. tax reform uncertainty and a political impasse in Germany dented investor risk appetite and helped spur demand for safe-haven assets.
Chinese shares reversed early losses to end higher. The benchmark Shanghai Composite Index rose 10.11 points or 0.3 percent to 3,393.02, with banks pacing the gainers after Beijing moved to rein in risks from asset management products. Hong Kong’s Hang Seng Index edged up 61.27 points or 0.2 percent to 29,260.31.
Meanwhile, Japanese shares fell as the yen strengthened and data showed Japanese export growth unexpectedly weakened in October. The Nikkei 225 Index fell 135.04 points or 0.6 percent to 22,261.76, while the broader Topix index closed 0.2 percent lower at 1,759.65.
Financials and tech stocks led the declines, with Nomura Holdings, Tokyo Electron and Advantest Corp losing 1-3 percent. Toshiba plunged 5.8 percent on equity dilution worries.
On the other hand, Toyota Motor edged up 0.2 percent and Suzuki Motor Corp advanced 0.7 percent after the companies announced a tie-up to sell electric vehicles in India.
Australian shares fell slightly, dragged down by financials as uncertainty prevailed over the fate of U.S. tax reform efforts and investors awaited the RBA’s minutes from its November meeting.
The benchmark S&P/ASX 200 Index slid 11.58 points or 0.2 percent to 5,945.67, while the broader All Ordinaries Index ended down 10.30 points or 0.2 percent at 6,028.
The big four banks fell between 0.1 percent and 0.6 percent, and miners Fortescue Metals Group and South32 ended down 0.6 percent and 0.3 percent, respectively.
Seoul shares reversed early gains to end lower on institutional selling. The benchmark Kospi dipped 6.32 points or 0.3 percent to finish at 2,527.67. Tech stocks lost ground, with Samsung Electronics and SK Hynix ending down over 1 percent each.
