Japanese stocks retreated Monday as several financial and technology firms pulled back from strong recent advances, but Hong Kong shares edged higher after data showing an improvement in China’s services-sector activity.
The Nikkei Stock Average dropped 1.4% in Tokyo, after rallying in the previous two sessions, while Australia’s S&P/ASX 200 slipped 0.2% and South Korea’s Kospi eased 0.1%.
In China, Hong Kong’s Hang Seng Index rose 0.2%, though the Shanghai Composite Index slipped 0.2% in choppy trade.
Data released Monday by HSBC put its China’s Services
Business Activity Index for July at 51.3, unchanged from the level seen
in the June survey.
The figure followed a government-sponsored version of the
service-sector survey over the weekend, which showed the July
non-manufacturing index accelerated to 54.1 from 53.9 in June.
In Hong Kong trading, shares of China Resources Land Ltd.
rose 2.5%, Internet major Tencent Holdings Ltd. added 1.3%, and Bank of
China Ltd. gained 0.9% in Hong Kong after the Chinese services-sector
data.
Among the notable decliners in Tokyo, Advantest Corp.
dropped 1.3%, NTT Data Corp. shed 1.6%, insurer T&D Holdings Inc.
gave up 4.3%, and banking major Mitsubishi UFJ Financial Group Inc.
declined 2%.
Shares of Toyota Motor Corp. fell 0.6%, even as the auto
giant posted better-than-expected earnings and lifted its annual profit
outlook.
Financials declined in Sydney after strong recent gains,
with Macquarie Group Ltd. losing 0.3%, and Australia & New Zealand
Banking Group dropping 0.6%.
Paladin Energy Ltd. plunged 28%, after the uranium miner raised funds through a private placement of shares.
Also lower, shares of Virgin Australia Holdings Ltd. declined 3.3%
after the carrier warned of a yearly loss of up to 110 million
Australian dollars ($97.8 million).
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