Asian markets largely declined in early trading Tuesday, as President Donald Trump and North Korean leader Kim Jong Un traveled to Vietnam for their second summit.
No new reports of major progress in ongoing U.S.-China trade talks sapped enthusiasm that sent stocks in mainland China soaring Monday. The Shanghai Composite SHCOMP, +0.98% rose 0.4% and the smaller-cap Shenzhen Composite 399106, +1.13% gained 0.2%. Hong Kong’s Hang Seng Index HSI, -0.44% fell 0.5%, while Japan’s Nikkei NIK, -0.35% declined about the same. South Korea’s Kospi SEU, -0.28% slipped 0.4% and Australia’s ASX 200 XJO, -0.94% dropped 1.1%. Benchmark indexes in Taiwan Y9999, +0.10% , Singapore STI, -0.28% and Indonesia JAKIDX, +0.37% fell as well.
Among individual stocks, oil producer Inpex 1605, -3.66% tumbled in Tokyo trading while Mitsubishi UFJ 8306, -0.58% and Hitachi 6501, -0.71% declined as well. AAC 2018, -13.11% plunged in Hong Kong 0883, -2.59% after the Apple AAPL, +0.73% supplier warned that first-quarter net profits may fall as much as 75%. CNOOC and Galaxy Entertainment 0027, -1.76% also fell. Samsung 005930, -1.16% and SK Hynix 000660, -0.80% slipped in Korea. Sagging oil prices weighed down Australian energy companies, with Santos STO, -2.55% , Beach Energy BPT, +0.49% and Oil Search OSH, -1.19% dropping.
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