SINGAPORE — South Korean stocks fell on Thursday as tensions on the Korean Peninsula reignited.
The Kospi in South Korea dropped 2.59% to close at 2,272.70 while the Kosdaq index plunged 4.33% to end its trading day at 806.95.
The moves came following reports that South Korea’s defense ministry said North Korea had killed a missing official from the South earlier this week. It marked the first time since July 2008 that a South Korean civilian has been shot dead in North Korea, according to South Korean news agency Yonhap.
Shares of South Korean defense firm Victek soared 25.13% following the announcement, while North Korea exposed stocks Hanil Hyundai Cement and Hyundai Elevator slipped 2.76% and 1.12%, respectively.
Asia-Pacific markets decline
Elsewhere, other Asia-Pacific markets also saw losses, following an overnight drop on Wall Street.
Hong Kong’s Hang Seng index fell 1.82% to close at 23,311.07. Mainland Chinese stocks slipped
The market fell sharply on Wednesday, adding to its sell-off so far in September as tech stocks again came under pressure and investors remained wary about a resurgence in coronavirus cases.
The Dow Jones Industrial Average closed down 1.9%, or 525 points, on Wednesday, while the S&P 500 fell 2.4% and the tech-heavy Nasdaq Composite dropped 3.0%.
Shares of Big Tech stocks, which have been the source of the sell-off in recent weeks, again dragged the market lower: Apple, Amazon, Microsoft, Netflix and Google-parent Alphabet all fell around 3% or more.
Tesla stock plunged over 9% after the company’s highly anticipated ‘Battery Day’, in which CEO Elon Musk detailed a new battery design that he says will make Tesla’s cars cheaper to produce.
Wall Street’s sell-off resumed on Wednesday as a drop in the shares of large technology companies dragged stocks to their fifth decline in the last six sessions.
The S&P 500 fell more than 2 percent while the tech-heavy Nasdaq composite dropped 3 percent.
Apple, Microsoft, Alphabet and Amazon were all sharply lower. The tech giants had led a recovery in markets this year, lifting the S&P 500 to a record high early this month.
But stocks have been retreating since that Sept. 2 peak, as investors rotated out of the high-flying tech shares and concerns grew about the state of the economy. A key worry has been Washington’s inability to reach a deal on a new economic aid package, and the gridlock between Democrats and Republicans has only worsened since the death of Justice Ruth Bader Ginsburg last week.
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SINGAPORE/NEW YORK (Reuters) – Asia’s stock markets struggled to emulate Wall Street’s rebound on Wednesday as persistent worries about the global economic recovery kept investors cautious, while ebbing inflation expectations helped the U.S. dollar to a two-month high.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was steady after two days of declines, but the mood was hardly bullish.
Japan’s Nikkei .N225 returned from a two-day holiday to drop 0.6%. Markets in Shanghai .SSEC and Hong Kong .HSI opened flat, the ASX 200 <.AXJO rose 1.6% and South Korea’s Kospi .KS11 fell 0.8% on a jump in coronavirus infections.
“I think that reflects a lingering caution. The pandemic is still a concern…non-tech stocks are still weighed down by COVID-19,” said Bank of Singapore analyst Moh Siong Sim.
Foreign exchange markets best reflected those worries and a strong dollar kept Asia’s currencies on the back
(Bloomberg) — Emerging-market stocks can’t catch a break.
Already a laggard in the global risk rally, they have just registered their longest losing sequence of daily declines since February as the selloff in U.S. technology shares adds to headwinds that include the rising tensions between Washington and Beijing in the run-up to the U.S. presidential election.
The MSCI Emerging Markets Index fell for the sixth consecutive day on Wednesday, dipping below a key support level — its 50-day moving average — for the first time since May. Investors got spooked by AstraZeneca Plc’s decision to pause its coronavirus vaccine trial and the Trump administration’s move to bar some companies based in China’s Xinjiang region.