Gaming weighs heavily on stock markets
Stock markets in Australia and Asia opened this week on the back foot with gaming shares taking a hit in the wake of China detaining Crown Resorts staff.
Crown’s 13.9 per cent plunge led losses on the Australian stock exchange.
The ASX 200 closed 0.8 per cent, or 45 points, lower at 5388.7, slipping below 5400 for the first time in almost a month.
While Whitehaven Coal closed 3.5 per cent higher, South32 was up 0.4 per cent. Fortescue Metals Group rose 2.7 per cent, only 38 stocks in the S&P/ASX 200 posted gains.
BHP and Rio closed 0.7 per cent and 0.8 per cent weaker.
The banks were mixed with Commonwealth Bank and National Australia Bank down 0.3 per cent and 0.7 per cent respectively, Westpac trading flat and ANZ up a measly 0.25 per cent.
In the oil sector, Woodside Petroleum and Oil Search fell more than 1 percent each, while Santos slipped more than 2 percent as crude oil prices fell.
In Hong Kong, gaming shares led the market retreat with Wynn Macau down 3.22 percent, Sands China falling 3.29 per cent and Melco International down 7.10 per cent.
Chinese mainland indexes also finished lower.
The Shanghai composite closed down 22.56 points, or 0.74 percent, at 3041.24. The Shenzhen composite plummeted 19.18 points, or 0.93 percent, to 2027.55.
Indexes in Singapore, Thailand and Malaysia were also down.
Markets might also be lower with investors digesting comments by Federal Reserve chair Janet Yellen about what steps might be necessary to address the lingering effects of the financial crisis on the US economy.
by Leon Gettler, October 18th 2016
