Stocks in Asia not really following the sentiment in US trading yesterday
Earlier, the Nikkei closed lower by 0.32% on the day. In other markets, we see the Kospi down 0.42%, Shanghai Composite down 1.18%, CSI 300 down 1.24%, and Hang Seng down 0.44%.
It's a sea of red today following yesterday's positive start. Only Australia's ASX 200 ended the day higher by 0.25%.
The major drag for both the Nikkei and Hang Seng has been tech stocks today. With regards to Hang Seng index, there's only one stock that really matters over the last one month.
And that's Tencent Holdings. The tech conglomerate was sliding since mid-November, and it heavily influenced the movement of the index as a whole. And even today, it's putting a drag on the index as well, despite financials (the heavier weighted sector) being in the green.
Tencent Holdings account for 9.89% weightage on the Hang Seng index, second only to HSBC which has a 10.20% weightage.
