Asian Markets Are Weaker amid Cautious Trade on April 28


Nov. 20 2020, Updated 5:28 p.m. ET

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After gaining for three consecutive trading days, China’s Shanghai Composite Index lost momentum and closed almost flat on Friday. The Shanghai Composite Index started the day lower amid increased concerns about financial regulations. In a speech this week, Chinese President Xi Jinping called for financial stability. His comments intensified concerns about increasing regulations on money market speculators and insurance companies. Major sectors closed with losses on Friday. The consumer sector led the fall with a 3% decline.

The brief recovery this week is a chance to book profits. China closed with losses for the third consecutive week. On April 28, the Shanghai Composite Index rose 0.08% and ended the day at 3,154.57. The SPDR S&P China ETF (GXC) closed at 83.85—a fall of 0.19% on April 27.

Hong Kong

After gaining for four consecutive trading days and rising to 20-month high price levels, Hong Kong’s Hang Seng Index pulled back on Friday. Hong Kong’s market is weaker amid mixed sentiment on Wall Street and profit-booking on the last day of the month. Read Wall Street Is Stable amid Mixed Sentiment on April 27 to understand the factors that impact Wall Street’s sentiment. The Hang Seng Index gained for four consecutive months—the biggest winning streak in two years. On April 28, the Hang Seng Index fell 0.34% and closed the day at 24,615.13. The iShares MSCI Hong Kong ETF (EWH) rose 0.75% to $22.89 on April 27.


After a brief pullback on Thursday, Japan’s Nikkei index closed with losses on Friday amid profit-booking. Decreased momentum from the election relief rally also weighed on the market. The Bank of Japan raised its economic forecasts by keeping interest rates unchanged. Nikkei closed the day at 19,196.74—a fall of 0.29%. The iShares MSCI Japan (EWJ) closed at 52.11—a gain of 0.08% on April 27. In the next part, we’ll see how European markets are performing on Friday.


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