Asian stocks markets retreat after Wall Street loss

AP News
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Posted: Dec 22, 2016 10:40 PM
Asian stocks markets retreat after Wall Street loss

BEIJING (AP) — Asian markets were lower Friday after Wall Street fell for a second day as ahead of the Christmas holiday.

KEEPING SCORE: Hong Kong's Hang Seng index lost 0.6 percent to 21,506.05 and Shanghai Composite Index was off 0.5 percent at 3,124.10. Japanese markets were closed for a holiday. Sydney's S&P-ASX 200 lost 0.4 percent to 5,620.61 and Seoul's Kospi was off just under 1 point at 2,036.43. Benchmarks in Taiwan and Jakarta also retreated. New Zealand and other Southeast Asian markets advanced.

WALL STREET: Retailers pulled U.S. stocks lower after a record close for the Dow Jones industrial average earlier in the week. Investors dumped retailers including Bed Bath & Beyond, Target, Staples and Dollar Tree. Companies linked to investor Carl Icahn climbed after he was named as an adviser to President-elect Donald Trump. The Dow shed 23.08 points, or 0.1 percent, to 19,918.88. The Standard & Poor's 500 index lost 4.22 points, or 0.2 percent, to 2,260.96. The Nasdaq composite dipped 24.01 points, or 0.4 percent, to 5,447.42.

ANALYST'S TAKE: "Santa has taken a leave of absence into the end of the week with a pullback seen on Wall Street and certainly has a huge portion of the market as low volume remains the theme," said Jingyi Pan of IG in a report. "Traders have been closing their position into the end of the year and have brought down most of the sectors on the S&P 500 index with the exception of energy and defensives - telecommunications and utilities. Asian indices could remain depressed into the end of the year."

ENERGY: Benchmark U.S. crude lost 29 cents to $52.66 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 46 cents on Thursday to $52.95. Brent crude, used to price international oils, fell 31 cents to $54.74 in London. It rose 59 cents the previous session to $55.05.

CURRENCY: The dollar edged up to 117.47 yen from Thursday's 117.45 yen. The euro improved to $1.0444 from $1.0439.