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Asian stocks dropped in the opening trade on Thursday as its regional benchmark index approaches a six-week low driven by the escalating turmoil in Ukraine and the weakening of casino shares.
The MSCI Asia pacific Index shed 0.4% to 145.63, 11:56 am, Hong Kong time. The gauge is already at its third consecutive day of loss and is poised for the lowest close last seen June 27.
All major Asian indexes covered are down. Japan’s Nikkei 225 Index and South Korea’s KOSPI Index slump by 0.36% or 54.02 pips to 15,105.77 and 0.62% or 13.70 pips to 2,203.76 respectively. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index declined by as much as 0.49% or 121.07 pips to 24,463.06 and 0.62% or 13.70 pips to 2,203.76 respectively. Capping off the major Asian indices are Australia’s S&P/ASX 200 and CNBC 100 ASIA IDX slipping by 0.22% or 12.19 pips to 5,499.80 and 0.53% or 38.97 pips to 7378.70 respectively.
Casino shares paced the downward trend with Macau’s Galaxy Entertainment Group Ltd. leading the sector with a 5.3% drop following the weakest earnings report among the casino operators for the world’s biggest gaming hub. Tokyo’s DeNA Co. plummeted 7.8% after the mobile game and social-media service forecast a decrease in the company’s first half profit.
Just recently, Poland foreign minister warned about the risk regarding the Russian military troops expanding in the Ukraine border might indicate an invasion. Today, the US and NATO have joined in stirring the speculations of an invasion. Meanwhile, Russia reiterated that the reported military buildup on the border was “groundless” and rebounded at the sanctions against the nation. Russian President Vladimir Putin retaliated by commanding that restrictions be put on food imports that comes from the US and other select nations that would amount to billions of dollars as per reports of the Kremlin website.
Market strategist at IG Ltd., Evan Lucas, commented that the current occurrence is an “undefinable outcome for the markets.” Lucas emphasized that Ukraine will remain in the spotlight for the rest of the year on his note to Bloomberg.
