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.
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.
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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