Asian Markets Slide Amidst Fed Jitters

(RTTNews) - Asian markets declined heavily amidst fears of an extended pause by the Federal Reserve attributed to stronger-than-expected payrolls data from the U.S. Data from China that showed a better-than-expected trade balance did not suffice to lift market sentiment. Markets in Japan are closed for a holiday.

China's Shanghai Composite Index edged down 0.27 percent to finish trading at 3,159.84. The day's trading ranged between 3,172.70 and 3,140.98. The Shenzhen Component Index closed flat at 9,796.18.

The Hang Seng Index of the Hong Kong Stock Exchange also dropped 190 points or 1 percent from the previous close to finish trading at 18,874.14. The day's trading range was between a high of 18,929.12 and a low of 18,671.49.

Korean Stock Exchange's Kospi Index shed 26 points or 1.04 percent to close trading at 2,489.56. The day's trading range was between 2,483.73 and 2,513.93.

Australia's S&P/ASX200 closed trading at 8,191.90, dropping 102 points or 1.2 percent from the previous close of 8,294.10. The day's trading range was between 8,160.70 and 8,294.10.

Casino operator The Star Entertainment Group jumped 13 percent after massive declines in the previous two sessions. Gold Road Resources, Karoon Energy, Paladin Energy and Deep Yellow, all gained more than 3 percent.

Premier Investments plunged more than 15 percent in the aftermath of the trading update. Netwealth Group and NRW holdings, both slipped more than 9 percent. Financial services business Hub24 declined 6.2 percent followed by software business Life360 that declined 5.4 percent.

The NZX 50 of the New Zealand Stock Exchange slipped 69 points or 0.53 percent to close trading at 12,827.33, versus the previous close of 12,895.98. Trading ranged between 12,780.38 and 12,895.98.

Synlait Milk gained 2.4 percent. Meridian Energy, Vital Healthcare Property Trust and Vector, all gained more than a percent. Auckland International Airport also added close to a percent.

Cancer diagnostics company Pacific Edge tumbled more than 52 percent after it lost key U.S. Medicare coverage for its flagship test. Westpac Banking Corp declined 3.6 percent. KMD Brands, Kiwi Property Group and Serko, all lost more than 2 percent.

Wall Street had closed on a negative note on Friday as markets digested the strong labor market data and the likelihood of an extended pause by the Federal Reserve. The Dow Jones Industrial Average dropped 1.63 percent to finish trading at 41,938.45. The Nasdaq Composite also slipped 1.63 percent to close trading at 19,161.63.