Asian markets showed mixed performance on Monday, following a broad decline in US stocks on Friday. Tokyo's Nikkei dipped, while South Korea's Kospi edged up. Boeing continued to face challenges after a deadly plane crash in South Korea. Political turmoil persisted in South Korea, while the Hang Seng in Hong Kong remained flat and the Shanghai Composite gained slightly.
Asian shares traded mixed on Monday following a broad decline in stocks on Friday as Wall Street closed a holiday-shortened week lower. Tokyo’s Nikkei 225 index dropped 1% to 39,894.62 while the dollar strengthened against the Japanese yen, trading at 157.93 yen. The Tokyo market concluded trading for 2024 with a year-end ceremony as Japan began its New Year holidays. South Korea ’s Kospi climbed 0.2% to 2,409.91 but shares of Jeju Air Co.
plunged 9% after one of the company’s jets skidded off a runway, crashed into a concrete wall and caught fire on Sunday in South Korea due to a failed landing gear. The incident resulted in 179 fatalities. The disaster adds to Boeing’s woes in a challenging year, following a machinists strike, further safety concerns with its top-selling aircraft, and a plummeting stock price. Political turmoil continued in South Korea as law enforcement officials sought a court warrant to detain impeached President Yoon Suk Yeol. An investigation is underway into whether his martial law decree on December 3 constituted rebellion. The Hang Seng in Hong Kong remained flat at 20,090.30 while the Shanghai Composite index gained 0.2% to 3,407.33. Australia’s S&P/ASX 200 slipped 0.3% to 8,235.00. On Friday, the S&P 500 fell 1.1% to 5,970.84, with roughly 90% of stocks in the benchmark index declining. Despite the losses, the index held onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average dropped 0.8% to 42,992.21. The tech-heavy Nasdaq composite fell 1.5%, to 19,722.03. Losses were exacerbated by sharp declines in the “Magnificent 7” Big Tech stocks, which significantly influence market direction due to their size. A range of retailers also fell, with Amazon dropping 1.5% and Best Buy slipping 1.5%. The sector is under scrutiny for insight into its performance during the holiday shopping season
ASIAN STOCKS WALL STREET BOEING SOUTH KOREA POLITICS
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