HSI Falls As Trump Comments Spook Asian Markets

Hong Kong stocks tumbled more than 1 percent in the morning session on Wednesday after Donald Trump threw a historic summit with North Korean leader Kim Jong-un in doubt and appeared to hit out at a deal with China that averted a damaging trade war.

The Hang Seng Index fell over 1 percent, to 30,909.

On the mainland, the Shanghai Composite Index lost 0.3 percent, to 3,205, while the Shenzhen Composite Index eased 0.2 percent, to 1,851.

Most other Asian markets were lower with Tokyo ended the morning down more than 1 percent.

Sydney slipped 0.2 percent, Singapore was 0.8 percent off and Wellington dipped 0.4 percent. However, Seoul was up 0.1 percent, while Manila and Jakarta also edged higher.

The dash for safer investments saw the yen – a go-to asset in times of uncertainty and turmoil – rise against the dollar with lingering concerns about a scandal enveloping Japanese Prime Minister Shinzo Abe adding to the cautious tone.

However, the US unit pushed up against the yen, pound and higher-yielding currencies such as the Korean won and Indonesian rupiah. (AFP)

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