Asia shares slip despite signs of optimism on global economy

·1 min read

ASIAN shares slipped on Friday, Oct. 29, 2021 despite recent signs of optimism about the global economy, including recent rallies on Wall Street.

Japan’s benchmark Nikkei 225 edged down 0.9 percent in morning trading to 28,559.89, as investors mostly took a wait-and-see attitude ahead of the nationwide parliamentary elections Sunday.

The ruling Liberal Democratic Party, which has ruled almost continuously for decades, is expected to continue to stay in power. But the opposition is also expected to gain ground because of public discontent over the government’s handling of the coronavirus pandemic and worries about the economy.

South Korea’s Kospi lost 0.7 percent to 2,988.09. Australia’s S&P/ASX 200 declined 0.7 percent to 7,381.50. Hong Kong’s Hang Seng dipped 0.8 percent to 25,343.14, while the Shanghai Composite shed 0.1 percent to 3,514.03.

Heavy selling of some technology shares in after-hours trading cast a shadow. Apple dropped 5.4 percent in after-hours trading after the company’s fiscal fourth-quarter revenue fell short of Wall Street’s estimates. Amazon.com fell four percent in after-hours trading after its third-quarter earnings missed analysts’ forecasts.

“While sentiments may want to ride on the bullish moves in Wall Street overnight, market participants will also be digesting the weakness in the big tech after-market, which may dampen some optimism,” said Yeap Jun Rong, market strategist at IG in Singapore. (AP)

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