World Economy

Asian Shares Broadly Lower Amid EU Political Turmoil

Asian Shares Broadly Lower  Amid EU Political TurmoilAsian Shares Broadly Lower  Amid EU Political Turmoil

Asian stock markets ended mostly lower on Tuesday as investors monitored oil prices and kept an eye on political developments in Italy. The prospects of fresh elections in the country offset optimism over a possible revival in diplomatic talks between the US and North Korea.

Chinese stocks fell for a fifth straight session on concerns about rising credit risks in the country. The benchmark Shanghai Composite index slid 14.62 points or 0.47% to 3,120.46 while Hong Kong’s Hang Seng index fell around 1% to close at 30,484.58, Nasdaq reported.

Japanese shares hit a one-month low as concerns over European politics and uncertainty over the prospects for a US-North Korea summit sapped investors’ appetite for risk. The Nikkei average dropped 122.66 points or 0.55% to 22,358.43, while the broader Topix index ended down 0.48% at 1,761.85.

Hitachi dropped 1.4% after its board agreed to continue negotiations with the British government over a major nuclear power project. Japan Display plummeted as much as 8% after reports that Apple would use organic light-emitting diode screens in all three new iPhone models planned for next year.

Nissan Motor ended on a flat note on a Nikkei report that the automaker plans to cut its North American production by up to 20%. Lender Mitsubishi UFJ Financial declined 1.3% and Sumitomo Mitsui Financial shed 0.7%.

In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.5% in April, the ministry of communications and internal affairs said. That was in line with expectations and unchanged from the March reading.

Australian shares finished modestly higher as banks rebounded from recent string of losses. The benchmark S&P/ASX 200 index inched up 9.60 points or 0.16% to 6,013.60 while the broader All Ordinaries index ended up 8.10 points or 0.13% at 6,121.70.

Seoul stocks closed lower amid selling by institutional and foreign investors, pressured by prospects of fresh elections in Italy and Spain. The benchmark Kospi dropped 21.71 points or 0.88% to 2,457.25.

New Zealand shares closed lower, dragged down by healthcare and consumer staple stocks. The benchmark S&P/NZX 50 index slid 9.34 points or 0.11% to 8,635.86.

Markets in Malaysia, Singapore, Indonesia and Thailand were closed. India’s Sensex was down 0.4% on profit taking after three sessions of strong gains while the Taiwan Weighted slid 0.2%.

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