After the best week in years for a number of Asian stock markets — following the worst month in years for many — the region’s equities started Monday on a down note amid profit-taking after Friday’s surges.
Japan’s Nikkei NIK, -1.34% slid 1.3% after its best week since mid-2016, following Friday’s declines in the U.S. and amid persistent concerns about rising borrowing costs, U.S.-China trade conflicts and their effects on corporate results. Subaru 7270, -4.99% fell about 5% and Uniqlo parent Fast Retailing 9983, -4.94% was off 4.7%.
Chinese stocks were off even after President Xi Jinping praised globalization and China’s commitment to free trade as he kicked off a trade expo in Shanghai. The Shanghai Composite SHCOMP, -1.07% fell about 1% while the smaller-cap Shenzhen Composite 399106, -1.09% was of 0.6%.
Hong Kong stocks were among the region’s biggest decliners. After ending last week with a 4.2% gain, the most in seven years, the Hang Seng Index HSI, -2.29% was down 2.7%. Trade worries persisted, as did concerns about the mainland economy, after a new report found China’s service-sector growth fell to a 13-month low in October. Tencent 0700, -4.02% was down 4% while automaker Geely 0175, -4.66% fell 5% and smartphone-component maker AAC 2018, -7.90% shed 7%.
Korea’s Kospi SEU, -1.41% shed 1.5% after its 3.5% surge Friday, its best day in seven years. Index heavyweight Samsung 005930, -1.47% was down almost 2%. Benchmarks in Taiwan Y9999, -0.57% and Singapore STI, -1.83% posted losses around 1%.
Australia’s ASX 200 XJO, -0.53% , working a six-day winning streak, was off 0.2% and New Zealand’s NZX 50 NZ50GR, -0.64% eased 0.5%.
