Sunday, August 25, 2019

Asia markets drop Monday morning over US import taxes on China

Aug 05. 2019
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By Somluck Srimalee
The Nation

1,458 Viewed

Stock markets in Asia dropped by morning close on Monday, due to concerns over the recent US announcement of a 10 per cent increase on import taxes with China worth up to US$300 billion effective on September 1.

They also estimated the US Fed will again cut the base interest rate at their next meeting, causing investors to sell risky assets. 

Krungsri Securities Plc forecast on Monday that the Stock Exchange of Thailand (SET) index would support between 1,672 and 1,680, while, the Monday morning SET index closed at 1,672.68, a drop of 12.03 with trade value at Bt24.11 billion.

The Hong Kong Hang Seng closed at 26,140.72, a 777.86 drop or 2.89 per cent, over investor concern about the US-China trade war and protestors in Hong Kong.

Japan’s Nikki closed at 20,590.87, a drop of 496.29 or 2.35 per cent.

The Singapore FTSE Straits Times Index closed at 3,244.6, a drop of 16.51 points.

China’s Shanghai Index closed at 2,990.17, a 13.91 point drop.

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