Asia Markets: Asian markets fall on profit-taking, while Xi praises globalization

MarketWatch - Financial Services Industry News

After the best week in years for a number of Asian stock markets — following the worst month in years for many — the region’s equities started Monday on a down note amid profit-taking after Friday’s surges.

Japan’s Nikkei
NIK, -1.24%
  slid 1.3% after its best week since mid-2016, following Friday’s declines in the U.S. and amid persistent concerns about rising borrowing costs, U.S.-China trade conflicts and their effects on corporate results. Subaru
7270, -4.61%
  fell about 5% and Uniqlo parent Fast Retailing
9983, -4.99%
  was off 4.7%.

Read: Bank of Japan’s Kuroda says large-scale monetary easing no longer the best policy

Chinese stocks were off even after President Xi Jinping praised globalization and China’s commitment to free trade as he kicked off a trade expo in Shanghai. The Shanghai Composite
SHCOMP, -1.00%
  fell about 1% while the smaller-cap Shenzhen Composite
399106, -0.67%
 was of 0.6%.

See: Xi touts free trade, China’s massive market at import expo

Hong Kong stocks were among the region’s biggest decliners. After ending last week with a 4.2% gain, the most in seven years, the Hang Seng Index
HSI, -2.65%
  was down 2.7%. Trade worries persisted, as did concerns about the mainland economy, after a new report found China’s service-sector growth fell to a 13-month low in October. Tencent
0700, -4.74%
  was down 4% while automaker Geely
0175, -5.24%
  fell 5% and smartphone-component maker AAC
2018, -7.53%
 shed 7%.

Korea’s Kospi
SEU, -1.42%
  shed 1.5% after its 3.5% surge Friday, its best day in seven years. Index heavyweight Samsung
005930, -1.81%
  was down almost 2%. Benchmarks in Taiwan
Y9999, -0.85%
  and Singapore
STI, -1.85%
  posted losses around 1%.

Australia’s ASX 200
XJO, -0.39%
 , working a six-day winning streak, was off 0.2% and New Zealand’s NZX 50
NZ50GR, -0.64%
  eased 0.5%.

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