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Stock markets in Asia delivered mixed results on Monday after losing last week’s gains by the end of the week. The rally seen from equities with the United States (US) mid-term congressional elections results did little to change the underlying concerns which jumpy investors have on weaker global growth prospects and flaccid economic data from China.
Japan stocks opened lower, down 0.55% or 121.75 points, at 22,128.50 minutes into trading, while the Topix index lost 0.50% or 8.30 points, at 1,664.68.
Singapore and Malaysia shares opened lower as well. Singapore’s Straits Times Index opened 0.58% or 17.67 points lower, at 3,060.30 and Malaysia’s FTSE Bursa Malaysia Kuala Lumpur Composite Index down 3.81 points to 1,704.28.
Hong Kong stocks meanwhile, edged upwards minutes into trading, with the Hang Seng Index up 0.42% or 106.66 points, at 25,708.58. China indices, registered losses with the Shanghai Composite Index opening 0.22% or 5.67 points lower at 2,593.20 and the Shenzhen Composite Index down by 0.15% or 1.94 points, at 1,326.25.
Australian shares opened flat on Monday at 5,921.80 points, but moved to gain some ground by noon, with the S&P/ASX 200 up 0.05% or 2.80 points to 5,924.60.
The regional markets’ Monday morning performance reflect worries from traders on China’s slowing economy. Last Friday, China’s producer prices gained at a slower pace compared to the previous month for October, indicating a slacking economic momentum as factories bear the brunt of China’s ongoing trade conflict with the US.
In another report released last week, China’s services sector stalled to the slowest growth since September 2017, as businesses recorded subdued demand on new orders. Earlier data have revealed China’s third quarter economic growth at its weakest pace since the first quarter of 2009.
At 2.55am UTC, the Chinese Yuan was trading ¥6.95 against the greenback.