Asian shares mixed after Wall Street fall

Published: May 21, 2019 11:03:26 | Updated: May 24, 2019 11:00:54

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Asian shares were mixed Tuesday after anxiety over US restrictions on sales to Chinese tech giant Huawei pulled Wall Street lower.

Benchmarks in Shanghai and Seoul advanced, while Tokyo, Hong Kong and Sydney declined, reports AP.

The Shanghai Composite Index gained 0.3 per cent to 2,880.71 while Tokyo's Nikkei 225 lost 0.5 per cent to 21,203.33.

Hong Kong's Hang Seng shed 0.3 per cent to 27,688.12 and Seoul's Kospi advanced 0.5 per cent to 2,066.48. Sydney's S&P-ASX 200 retreated 0.3 per cent to 6,458.50 and benchmarks in Taiwan and New Zealand also declined.

On Wall Street, chipmakers led the way lower as traders weighed the implications of the sales controls on Huawei, a major customer.

The S&P 500 index lost 0.7 per cent to 2,840.23 points. The Dow Jones Industrial Average fell 0.3 per cent to 25,679.90. The technology-heavy Nasdaq composite slid 1.5 per cent to 7,702.38.

Qualcomm, which gets about 65 per cent of its revenue from China, slumped 6 per cent. Broadcom, which gets nearly half of its revenue from China, also fell 6.0 per cent.

Intel dropped 3.0 per cent and Xilinx slid 3.6 per cent. An S&P index that measures the performance of chip and chip equipment makers fell nearly 4.0 per cent.

Benchmark US crude gained 33 cents to $72.30 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 24 cents on Monday to close at $71.97.

Brent crude, used to price international oils, advanced 29 cents to $63.50 per barrel in London. It advanced 29 cents the previous session to $63.21.

The dollar gained to 110.17 yen from Monday's 110.06 yen. The euro was little-changed at $1.1167.

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