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Hang Seng Falls on China Worries, Nikkei and Sony Surge

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Nov. 20 2020, Updated 5:22 p.m. ET

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.

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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.

The iShares MSCI Japan ETF (EWJ) fell 0.11% yesterday, and the WisdomTree Japan Hedged Equity ETF (DXJ) fell 0.35%. Sony forms part of both funds.

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