Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

Asian stocks slump on profit-taking after US-NKorea tensions

By: YOUKYUNG LEE, Associated Press
August 10, 2017 Updated: August 10, 2017 at 9:43 pm
0
photo - FILE - This Tuesday, Aug. 16, 2016, file photo shows One World Trade Center, left, and 7 World Trade Center, in New York. Technology companies were leading a broad slide in U.S. stocks in early trading Thursday, Aug. 10, 2017, as investors pored over the latest batch of corporate earnings reports. (AP Photo/Mark Lennihan, File)
FILE - This Tuesday, Aug. 16, 2016, file photo shows One World Trade Center, left, and 7 World Trade Center, in New York. Technology companies were leading a broad slide in U.S. stocks in early trading Thursday, Aug. 10, 2017, as investors pored over the latest batch of corporate earnings reports. (AP Photo/Mark Lennihan, File) 

SEOUL, South Korea (AP) — Asian stock markets slumped on Friday following overnight losses on Wall Street as U.S. President Donald Trump's bellicose remarks prompted investors to unload shares in companies that have been on the rise in recent months.

KEEPING SCORE: South Korea's Kospi sank 1.8 percent to 2,316.88 and Hong Kong's Hang Seng shed 1.5 percent to 27,041.83. Shanghai Composite Index fell 0.7 percent to 3,238.53. Australia's S&P/ASX 200 dropped 1.1 percent to 5,696.80. Stocks in Taiwan, Singapore and other Southeast Asian countries were also lower. Japan was closed on a public holiday.

FIRE AND FURY: Keeping up his tough talk, Trump told reporters that Kim Jong Un's government should "get their act together" or face extraordinary trouble, and suggested his earlier threat to unleash "fire and fury" on North Korea was too mild. The remarks, following North Korea's earlier revelation of a plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, gave investors a reason to pocket profit in the sectors, such as technology, that have been the biggest gainers in recent months, analysts said.

ANALYST'S TAKE: "The tensions between North Korea and the U.S. is an excuse for profit-taking," Seo Sang Young, an analyst at Kiwoom Securities. "Had investors believed a real war was on the horizon, all sectors would have declined." He added that in China, the U.S. and South Korea, stocks that are showing the biggest declines since the rise of tensions between the U.S. and North Korea are the companies that have risen most since June.

WALL STREET: U.S. stocks closed lower on Thursday led by technology companies. The Standard & Poor's 500 index dropped 1.4 percent to 2,438.21. The Dow Jones industrial average slid 0.9 percent to 21,844.01. The tech-heavy Nasdaq composite lost 2.1 percent to 6,216.87. The Russell 2000 index gave up 1.7 percent to 1,372.54.

OIL: Benchmark U.S. crude lost 12 cents to $48.47 per barrel on the on the New York Mercantile Exchange. The contract fell 97 cents, or 2 percent, to close at $48.59 a barrel on Thursday. Brent crude, used to price international oils, declined 23 cents to $51.67 per barrel in London. It slid 80 cents, or 1.5 percent, to close at $51.90 per barrel on Thursday.

CURRENCIES: The dollar slipped to 109.05 yen from 109.20 while the euro weakened to $1.1763 from $1.1773.

Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Subscribe to the Colorado Springs Gazette

Some news is free.
Exceptional journalism takes time, effort and your support.

Already a Subscriber? LOGIN HERE

articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.