The Asian stocks continue to decline this Friday, the Dow Jones index once again fell short of the 20,000 mark. On the other hand, the dollar is close to its 14-year high just around Monday and is inching closer to the dollar and the euro parity.
The overnight low of the Asian market on Wall Street this Friday is due to the participants are easing towards the holiday season. The Shanghai Composite Index declines 0.6 percent, Hong Kong’s Seng Index lower o.6 percent as well, while Japan’ stock market was closed for the holiday. The holiday will close several Asian stock markets this Monday and probably until Tuesday, although the Japan, China, and Korea market will be open despite the holiday. China’s Shanghai Index drop was a result of the brokerage and insurance shares, on expectation regulators will tighten supervision over online insurance products, analysts reported that it could go down to 1.1 percent at the end of the week.
Meanwhile, Hong Kong’s Seng dipped 0.5 percent is seen as a better result after several losses last week and stabilizes today. The Seng’s drop is due to the possible weighed down It receives by financials; Hang Seng Bank and Bank of East Asia as they both lose 1 percent this week. Japan’s Nikkie who is currently closed for the holiday and due to the Emperor’s birthday saw a 0.1 percent increase in the week. The increase makes it a seven straight positive week for the Japanese; it is a record high after the longest winning streak since early 2013, boosted by the yen’s weakness in the face of the surging dollar.
South Korea Deals with Bird Flu, AUS and NZ Stocks Declines
On the other hand, South Korea remained resilient even after the pharmaceutical shares rallied after the country encounters and struggles to fight bird flu, who they recorded as the worst-ever case. The Kospi remained at 2,035.90, Hanma Pharma leaps to a 4.56 percent high and Daewong Pharma sees a silver lining bringing it a 1.65 percent after 20 million birds, garnering a quarter of the country’s national poultry stock are the casualty of the recent virus.
Australia’s stocks also saw a decline of 0.14 percent at 5,627.90. It is still considered as a safe closing even after the recent terror plot in Melbourne, whom the police have apprehended. While New Zealand also experienced a slow-down bringing their stocks at 6,876.99, a 0.14 lower. Both Australia and New Zealand opened for an ample amount of time due to the emerging Christmas holiday.
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