Asian shares slip on profit-taking

Dhaka,  Sun,  20 August 2017
Published : 11 Aug 2017, 12:01:27 | Updated : 11 Aug 2017, 12:01:46
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Asian shares slip on profit-taking

Asian stock markets slipped on Friday following overnight losses on Wall Street as US President Donald Trump's bellicose remarks prompted investors to unload shares in companies that have been on the rise in recent months. 

South Korea's Kospi sank 1.8 per cent to 2,316.88 and Hong Kong's Hang Seng shed 1.5 per cent to 27,041.83. Shanghai Composite Index fell 0.7 per cent to 3,238.53. 

Australia's S&P/ASX 200 dropped 1.1 per cent to 5,696.80. Stocks in Taiwan, Singapore and other Southeast Asian countries were also lower. Japan was closed on a public holiday.

US stocks closed lower on Thursday led by technology companies. The S&P 500 index dropped 1.4 per cent to 2,438.21. The Dow Jones industrial average slid 0.9 per cent to 21,844.01. 

The tech-heavy Nasdaq composite lost 2.1 per cent to 6,216.87. The Russell 2000 index gave up 1.7 per cent to 1,372.54.

Benchmark US crude lost 12 cents to $48.47 per barrel on the on the New York Mercantile Exchange. The contract fell 97 cents, or 2 per cent, 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 per cent, to close at $51.90 per barrel on Thursday.

The dollar slipped to 109.05 yen from 109.20 while the euro weakened to $1.1763 from $1.1773, according to AP.
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