Stocks in Asia-Pacific Suffered Losses on October 12
Stocks in Asia-Pacific declined on October 12, with major indexes in China and South Korea falling at least 1%.
In Hong Kong, the Hang Seng index fell 1.43% to end its trading day at 24,962.59.
Shares of China Evergrande New Energy Vehicle jumped 4.56% on October 12. One day earlier, the company promised to start producing electric vehicles next year. The company’s announcement helped to boost its shares. China Evergrande New Energy Vehicle is linked to the world’s most indebted property developer Evergrande. It already missed multiple coupon payments for its bonds in recent weeks.
Mainland Chinese stocks also declined on October 12. The Shanghai composite fell 1.25% to close at 3,546.94. The Shenzhen component dropped 1.616% to finish its trading day at 14,135.38.
In South Korea, Kospi dropped 1.35% to end its trading day at 2,916.38.
In Japan, the Nikkei 225 declined 0.94% to 28,230.61. The Topix index fell 0.7% to close at 7,280.70.
U.S. stocks suffered losses one day earlier on October 11 as investors analyzed oil prices, economic worries as well as major third-quarter earnings results ahead.
The Dow Jones Industrial Average dropped 250.19 points, or 0.7% to close at 34,496.06. The Dow Jones was up more than 200 points at its intraday high. The S&P 500 fell 0.7% to 4,361.19. The Nasdaq Composite dropped 0.6% to 14,486.20.
U.S. stocks churned for most of the day, nevertheless, selling increased in the final hour, with major averages closing the session at their lows.
Energy stocks gained for most of the session on October 11 as oil prices. Still, they rolled over with the broader market into the close.
The S&P 500 fell 4.8% in September. It gained more than 1% this month and sits about 4% from its record.
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