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Asian shares mostly lower on trade worries

Published: May 24, 2019 11:00:54 | Updated: May 28, 2019 11:48:16


File Photo (Collected)

Asian shares were mostly lower on Friday as worries that the standoff between the US and China over trade might expand put investors in a selling mood.

Japan’s benchmark Nikkei 225 fell 0.5 per cent to 21,053.95. Australia’s S&P/ASX 200 lost 0.7 per cent at 6,445.40. South Korea’s Kospi dropped 0.9 per cent to 2,040.81.

Hong Kong’s Hang Seng edged 0.2 per cent higher to 27,315.96, while the Shanghai Composite was virtually unchanged at 2,853.63, reports AP.

Stocks ended sharply lower on Wall Street in a broad sell-off that left the benchmark S&P 500 index on track for its third straight weekly loss and had the Dow Jones Industrial Average down more than 400 points until late afternoon.

Traders sought safety in the bond market, driving bond prices higher, which pulled the yield on the 10-year Treasury to 2.31 per cent, the lowest level in more than a year. It was at 2.33 per cent by midday Friday in Asia.

The S&P 500 index fell 1.2 per cent to 2,822.24. The index was down 2.5 per cent before the selling eased. The Dow lost 1.1 per cent to 25,490.47. At its lowest, the Dow slid 448 points.

The Nasdaq composite dropped 1.6 per cent to 7,628.28. The Russell 200 index of small company stocks gave up 2.0 per cent to 1,501.38.

Benchmark US crude rose 64 cents to $58.55 a barrel. It plunged 5.7 per cent to settle at $57.91 a barrel. Brent crude, the international standard, added 80 cents to $68.56 per barrel.

The dollar fell to 109.54 yen from 110.08 yen Thursday. The euro strengthened to $1.1183 from $1.1135.

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