Asia Markets: China stocks tumble 2%, rest of Asia struggles to hold gains

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Asian stock markets gave up an early lead on Monday, with Chinese stocks leading the declines, amid worries about U.S.-China trade relations and continued tech-stock weakness on Wall Street.

Down from the start of trading, the Shanghai Composite SHCOMP, -2.07%   dropped 2.4% and the smaller-cap Shenzhen Composite 399106, -1.97%   fell 0.7%.

Hong Kong stocks joined regional peers recovering from Friday’s global selloff, though early out-of-gate gains were whittled in a few minutes. The benchmark Hang Seng Index HSI, +0.01%   lost 0.2%, after a 1% gain at the open. Chinese property developers such as Sino Land 0083, -2.55%   , fell over 3%, as China Resources Land 1109, +0.57%   gave up leads of more than 1%.

Index major HSBC 0005, +4.55%   stood out, climbing more than 3% after posting a 32% rise in third-quarter net profit. Tencent 0700, -1.15%   fell more than 1%, after the weighing on the benchmark on Friday, pushing it to a fresh 17-month low. Most Chinese automakers listed in Hong Kong were down heavily, with Great Wall Motor 2333, -8.09%   losing 7.9%.

Japan’s Nikkei NIK, -0.16%   reversed a gain of around 0.6% to drop 0.2%. Still, some major companies were under pressure, with Toyota 7203, -1.65%   and SoftBank 9984, -1.41%   lower by more than 1%. But Honda 7267, +0.25%   was up marginally, a day ahead of its earnings report.

South Korea’s Kospi SEU, -1.53%   dropped close to 1%, with Samsung 005930, +0.98%   a standout gainer, up 1%.

Australia’s ASX 200 XJO, +1.11%   finished up almost 1%, led by the energy and financial sectors. New Zealand’s benchmark NZ50GR, +0.55%   was up slightly. Benchmark indexes in Taiwan Y9999, +0.29%  , Singapore STI, +0.40%   and Malaysia FBMKLCI, -0.08%   posted modest gains as well.

— Barbara Kollmeyer contributed to this report

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