Asian markets cautious as Singapore summit prepares to kick off
Asian stocks traded mostly higher in cautious trade Monday, with investors showing little reaction to the weekendâs volatile G-7 meeting and the hack of a South Korean cryptocurrency exchange.
With the Trump-Kim summit Tuesday and the worldâs three most-important central banks â" the Federal Reserve, the European Central Bank and the Bank of Japan â" all meeting this week, investors are expected to only nibble at stocks for the next few days.
South Koreaâs Kospi SEU, +0.76% gained nearly 0.8%, taking back broad regional declines from Friday.
Japanâs Nikkei NIK, +0.48% was up 0.5%, though shipping stocks took a hit amid continued trade tensions among some of the worldâs biggest industrialized nations.
Elsewhere, Sekisui House 1928, -6.98% was the worst big-cap performer with a nearly 7% slide after a big profit drop last quarter due to a slump in domestic housing businesses. But domestic-focused demand stocks were outperforming, with medical-information platform operator M3 2413, +3.26% up 3.3% and beverage maker Yakult Honsha 2267, +2.39% climbing 2.4%.
Hong Kong stocks started the week gingerly. The Hang Seng HSI, +0.34% was up 0.3% after rising 1.5% last week. Energy was a noted laggard, with Cnooc 0083, -1.41% sliding about 1.4%. But financial and tech shares were slightly up, with heavyweight Tencent 0700, +0.96% advancing 1.1% and Hang Seng Bank 0011, +1.30% up 1%.
The Shanghai Composite SHCOMP, -0.47% was down 0.5% but the Shenzhen Composite 399106, -0.58% was just 0.6% lower. Some commentators pegged part of the selling to the looming start of Chinese depositary receipts and the need for investors to raise money to put into such equities.
Singaporeâs stocks rose in early action as attention turns to the Trump-Kim summit the city-state will host. The Straits Times Index STI, +0.15% was up 0.2%, led by gains in commodities and banking stocks.
New Zealandâs benchmark NZ50GR, +0.24% was up 0.2%. Australiaâs markets are closed for a holiday.