Asian Stocks Mixed on Monday 05/17 05:55
Asian stock markets were mixed Monday after Taiwan and Singapore tightened
anti-coronavirus restrictions and Wall Street turned in its biggest weekly
decline in three months.
BEIJING (AP) -- Asian stock markets were mixed Monday after Taiwan and
Singapore tightened anti-coronavirus restrictions and Wall Street turned in its
biggest weekly decline in three months.
Shanghai and Hong Kong advanced, while Tokyo and Seoul declined.
Wall Street's benchmark S&P 500 index rose Friday but ended the week down
1.4% for its first weekly decline in three weeks.
Taiwan and Singapore announced restrictions on public gatherings and other
curbs over the weekend following a rise in new infections, raising concern the
region's economic recovery might be pushed back.
"Concerns on virus resurgences may continue to linger in the region," said
Yeap Jun Rong of IG in a report.
The Shanghai Composite Index gained 0.9% to 3,420.73 while the Nikkei 225 in
Tokyo fell 1.2% to 27,753.83. The Hang Seng in Hong Kong advanced 0.4% to
The Kospi in Seoul shed 0.6% to 3,135.16 while Sydney's S&P-ASX 200 added
0.3% to 7,033.80. New Zealand and Bangkok gained while Singapore retreated.
The 180 new coronavirus cases in Taiwan and 15 in Singapore were modest
compared with India's thousands. But the rise in economies that had appeared to
have the disease under control prompted concern. Malaysia, Thailand and the
Philippines re-imposed controls earlier in response to rising infections.
Thailand, which had managed to keep outbreaks mostly under control by
virtually closing its borders and imposing mandatory quarantines, reported
nearly 10,000 newly confirmed cases on Monday. About two-thirds of them were in
"If the numbers are going up, even if they are still low, you don't have
much time to nip this in the bud before you could be dealing with an India-like
situation," said Robert Carnell of ING in a report. The economic impact "will
depend in large part on how successful the measures now being rolled out end up
Wall Street's gain Friday was led by technology stocks. Retailers, banks and
industrial stocks also rose.
The S&P 500 rose 1.5% to 4,173.85. The Dow Jones Industrial Average added
1.1% to 34,382.13, ending down 1.1% for the week. The Nasdaq advanced 2.3% to
13,429.98 for a weekly loss of 2.3%.
That followed three days of heavy selling driven by investor worries about a
possible rise in U.S. inflation. The major indexes had hit all-time highs the
Apple, Microsoft, Facebook, Amazon.com and Google's parent company all rose
1% or more.
Government data Friday showed U.S. retail spending held steady in April at
the previous month's level, but that was below forecasts of a 1% increase over
In energy markets, benchmark U.S. crude rose 32 cents to $65.69 per barrel
in electronic trading on the New York Mercantile Exchange. The contract gained
$1.55 on Friday to $65.37. Brent crude, used to price international oils,
advanced 31 cents to $69.02 per barrel in London. It closed $1.66 higher the
previous session at $68.71.
The dollar declined to 109.30 yen from Friday's 109.36. The euro declined to
$1.2139 from $1.2143.