sian shares rise, defying Facebook-led tech slump

Published: July 27, 2018 16:30:30 | Updated: July 30, 2018 13:13:54

File Photo (Collected)

Asian shares were mostly higher Friday as investors shrugged off Facebook's nearly $120 billion overnight plunge in market value, the biggest-ever one-day loss in dollar value for a US company.

Japan's Nikkei 225 index added 0.6 per cent to 22,712.75 and the Kospi in South Korea picked up 0.3 per cent to 2,294.99. The Shanghai Composite index lost 0.3 per cent to 2,873.59.

Hong Kong's Hang Seng index edged 0.1 per cent lower to 28,757.20. Australia's S&P ASX 200 jumped 0.9 per cent to 6,300.20. Shares gained in Taiwan and Indonesia but were lower in Singapore.

Facebook's tumble, brought on by its warning to investors that it sees slower revenue growth ahead, led a decline in technology shares and snapped a three-day winning streak.

The S&P 500 index lost 0.3 per cent to 2,837.44. The Nasdaq composite index lost 80.05 points, or 1.0 per cent, to 7,852.18.

But broader gains in industrial, energy and consumer goods companies helped offset those losses for other benchmarks. The Dow Jones Industrial Average advanced 0.4 per cent to 25,527.07.

The Russell 2000 index of smaller-company stocks gained 0.6 per cent to 1,695.36. More stocks rose than fell on the New York Stock Exchange.

Benchmark US crude lost 13 cents to $69.48 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 31 cents to settle at $69.61 per barrel on Thursday.

Brent crude, used to price international oils, retreated by 3 cents to $75.09, reports AP.

The dollar slipped to 111.00 yen from 111.23 yen on Thursday. The euro rose to $1.1655 from $1.1645.

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