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Tokyo, Hong Kong stocks falls more than 2% after Wall Street rout
After weeks of focusing on the positive side of the reopening of economies, investors shifted attention to rising coronavirus cases in some states that have reopened.
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People wearing surgical masks walk past a screen showing Nikkei index outside a brokerage in Tokyo, Japan Feb. 3. Tokyo stocks dropped more than 2.8 percent in early trade on Friday following a plunge in United States shares on revived worries about the coronavirus and concerns about overheating equity prices. (REUTERS/Kim Kyung-Hoon)
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okyo stocks dropped more than 2.8 percent in early trade on Friday following a plunge in United States shares on revived worries about the coronavirus and concerns about overheating equity prices.
The benchmark Nikkei dropped 2.84 percent or 637.19 points to 21,835.72 in early trade, while the broader Topix index was down 2.85 percent or 45.35 points at 1,543.57.
"Investors in the Japanese market were discouraged by a rout in US shares, with trade starting with sharp drops," senior market analyst Toshiyuki Kanayama of Monex said in a commentary.
Hong Kong stocks also plunged in the first few minutes of trade Friday morning following a huge sell-off on Wall Street. The Hang Seng Index tumbled 2.29 percent, or 559.45 points, to 23,920.70.
The benchmark Shanghai Composite Index sank 1.51 percent, or 44.09 points, to 2,876.80, and the Shenzhen Composite Index on China's second exchange dropped 1.99 percent, or 37.04 points to 1,828.26.
In Australia, the ASX also sank at the open, falling 2.87 percent or 170.90 points to 5,789.70.
Wall Street stocks plunged Thursday with the Dow Jones Industrial Average plummeting 6.9 percent or more than 1,850 points to 25,128.17.
After weeks of focusing on the positive side of the reopening of economies, investors shifted attention to rising coronavirus cases in some states that have reopened, including the US states of Texas and Arizona.
The dollar fetched 106.78 yen in early Asian trade, against 106.86 yen in New York.
In Tokyo, major shares were lower, with Toyota trading down 1.20 percent at 6,822 yen, Sony down 2.45 percent at 7,311 yen and Canon off 2.53 percent at 2,212 yen.
