HEADLINE Asian stocks open lower following the decline on Wall Street


Asian stocks open lower following the decline on Wall Street

By Qiao Wai | Agencies

09:58, March 28, 2018


File photo: VCG

Asian stocks opened lower on Wednesday, as falls on Wall Street discouraged investors from buying actively despite receding fears of a trade war. 

Chinese stocks opened lower on Wednesday, with the benchmark Shanghai Composite Index down 1.14 percent to open at 3,130.57 points.

The Shenzhen Component Index opened 1.32 percent lower at 10,633.70 points. 

Hong Kong stocks lost 280.45 points, or 0.91 percent, to open at 30,510.381 points on Wednesday.

In Tokyo, as of 9:15 am (local time), the 225-issue Nikkei Stock Average dropped 413.15 points, or 1.94 percent, from Tuesday to 20,904.17.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 33.05 points, or 1.92 percent, at 1,684.08.

Mining, oil and coal product, and bank-oriented issues comprised those that declined the most by the close of play.  

After opening higher on Tuesday, US stocks weakened soon thereafter, with huge declines in technology shares leaving major stock indices sharply lower.

The tech-rich Nasdaq Composite Index dropped 2.9 percent to 7,008.81.

The Dow Jones Industrial Average fell 1.4 percent to 23,857.71, while the broad-based S&P 500 shed 1.7 percent 2,612.62.

Facebook dropped 4.9 percent as the social media company continued to face scrutiny over a customer data scandal.

"Ultimately, Trump's target was and remains to reduce the country's sizable trade deficit with a number of countries," said senior market analyst Craig Erlam of OANDA, adding that he was skeptical Trump will follow through on his threats to prompt a trade war.

"Given the reaction we've seen in markets over the last couple of weeks I don't think he'll be keen to follow through on his threats and risk sending markets into a tailspin."

Jasper Lawler, head of research at London Capital Group, cautioned investors "not to get too excited" because "huge up-days do not typically happen in a strong market." 

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