The Hang Seng falls for a third day
China’s growth worries haunted global markets today but the tremors were felt strongest closer to the mainland, in Hong Kong. The Hang Seng dropped 0.65% today to end the week 0.57% up, mainly driven by Monday’s gains on an unexpected rise in Chinese exports.
Yesterday, the iShares MSCI Hong Kong ETF (EWH) gained 0.28%. However, the ETF was down 0.56% in premarket trades as of 7:20 AM Eastern Time. AIA Group (AAGIY), the ETF’s largest component, saw its ADRs (American depositary receipts) gain 0.16%. With AIA Group losing 1.67% on the Hong Kong stock exchange today, its ADRs could be under selling pressure today.
The Nikkei 225 gains
While most Asian markets have fallen today, the Nikkei has gained. The index has gained 5.08% this year. After sliding for two days, the index gained 0.4% today, with 135 of its stocks rising and 83 falling. Today, Sony (SNE) was among the Tokyo Stock Exchange’s strongest stocks, gaining 3.07%. Sony also surged in premarket NYSE trades, rising 1.87% as of 7:36 AM Eastern Time.
The broader TOPIX has risen 0.34%. Both the Nikkei 225 and TOPIX rose in today’s first half and have been range bound since the lunch break.