Precise Investors Editorial Team
Chinese stocks lagged, while profit-taking in major internet stocks and losses in BYD weighed on Hong Kong shares
Asian stocks were mixed on Monday, with Japanese shares rebounding from prior losses despite a hawkish Bank of Japan, while Indian technology stocks slid on U.S. President Donald Trump’s crackdown against a major work visa category.
Chinese stocks lagged, while profit-taking in major internet stocks and losses in BYD weighed on Hong Kong shares.
Regional markets took some positive cues from record-high closes on Wall Street last week, as investors cheered an interest rate cut by the Federal Reserve. But this rally was seen cooling on Monday, with S&P 500 Futures down 0.1% in Asian trade.
Focus this week is on a host of key economic indicators and Fed speakers, with Chair Jerome Powell set to speak on Tuesday.
Nifty 50 index opened mildly negative on Monday, pressured chiefly by losses in major tech and outsourcing stocks.
IT majors Tech Mahindra Ltd, Tata Consultancy Services Ltd., Infosys Ltd, and Wipro Ltd, were the worst performers on the Nifty, losing between 2% and 4%.
The sector was rattled by Trump on Friday imposing a $100,000 annual fee on companies for issuing new H-1B worker visas.
The Nikkei 225 and TOPIX indexes gained 1.5% and 0.9%, respectively, after dropping from record highs on Friday.
South Korean stocks also outperformed most of their Asian peers on Monday, with the KOSPI advancing 0.9%.
Broader Asian markets were mixed. Hong Kong’s Hang Seng index fell for a third straight session from a four-year high.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were flat, showing little reaction to the People’s Bank of China leaving its benchmark loan prime rate unchanged.
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