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Asia-Pacific markets lower as shares of Xiaomi plunge

Xiaomi

The Shanghai composite dropped 0.53%, the Nikkei 225 declined 0.69%, the Topix index fell 0.86%, Kospi shed 1.67%, and MSCI’s broadest index of Asia-Pacific shares lost 0.32%

Shares of Chinese smartphone maker Xiaomi plunged in Friday trade after U.S. President Donald Trump’s administration placed the firm on a blacklist.

By Friday afternoon in Hong Kong, shares of Xiaomi listed in the city plunged 10.87%. The broader Hang Seng Tech index also fell 1.64%, while the benchmark Hang Seng index was flat.

Hong Kong-listed shares of CNOOC, dipped 0.37% — after the U.S. Commerce Department announcing Thursday it had added the firm to its entity list, which essentially restricts firms from receiving specific goods made in the U.S.

Elsewhere, shares in Asia-Pacific were mostly lower in Friday trade as investors regionally reacted to the release of U.S. President-elect Joe Biden’s $1.9 trillion coronavirus rescue package.

Mainland Chinese stocks were lower by the afternoon: The Shanghai composite dipped 0.53% while the Shenzhen component dropped 1.474%.

In Japan, the Nikkei 225 dipped 0.69% while the Topix index slipped 0.86%. South Korea’s Kospi fell 1.67%.

Meanwhile, shares in Australia were higher, with the S&P/ASX 200 up 0.18%.

MSCI’s broadest index of Asia-Pacific shares dipped 0.32%.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.35% to $56.22 per barrel. U.S. crude futures also dipped 0.13% to $53.50 per barrel.

Meanwhile, in the U.S. President-elect Joe Biden on Thursday revealed details of a $1.9 trillion coronavirus rescue package.

Biden’s proposal, called the American Rescue Plan, includes some familiar stimulus measures in the hope of sustaining families and companies till vaccines are widely distributed. Some of the proposed measures include stimulus checks as well as unemployment support.

Overnight on Wall Street, the Dow Jones Industrial Average dipped 68.95 points to close at 30,991.52. The Nasdaq Composite dipped 0.1% on the day to 13,112.64 while the S&P 500 ended its trading day 0.4% lower at 3,795.54.

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