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BEIJING (AP) — Asian stock markets were mixed Monday after Wall Street slipped and China tightened travel controls in some areas in response to coronavirus infections.
Shanghai, Hong Kong and Sydney advanced, while Tokyo declined.
Wall Street’s S&P 500 index fell 0.1% on Friday, suffering losses for tech companies after a seven-day streak of gains.
In China, northwest Gansu province closed tourist sites on Monday after cases of coronavirus were found and the capital Beijing banned visitors from areas with infections for the past 14 days. China has reported only a few dozen cases, but Beijing’s response to curb travel raised concerns they could weigh on economic activity that is already weakening.
“You can expect aggressive measures to curb the spread of viruses, which could curb growth,” IG’s Yeap Jun Rong said in a report.
The Shanghai Composite Index rose 0.3% to 3,594.32, while the Nikkei 225 in Tokyo lost 1% to 28,520.35. Hong Kong’s Hang Seng rose 0.1% to 26,157.11.
The Kospi in Seoul rose 0.2% to 3,013.13 and the S&P-ASX 200 in Sydney gained 0.4% to 7,444.00.
New Zealand, Singapore and Jakarta fell.
On Wall Street, the S&P 500 ended Friday at 4,544.90 after losses for major tech companies after a day of tumultuous trading.
The Dow Jones Industrial Average rose 0.2% to 35,677.02 and passed its August 15 high. The Nasdaq composite fell 0.8% to 15,090.20.
About 65% of stocks in the S&P 500 closed higher, mainly due to financial and health companies, but losses in communications and technology companies kept the S&P 500 low. Chipmaker Intel fell 11.7% after disappointing revenues.
Snapchat’s parent company Snap collapsed 26.6% after reporting weak revenue and revealing ad sales are being hurt by a privacy crackdown rolled out on Apple’s iPhones earlier this year. Facebook fell 5.1% and Twitter lost 4.8%. Google’s parent company, Alphabet, fell 3%.
The three major indices posted their third weekly gains after investors were encouraged by mostly solid corporate results.
Also on Friday, Federal Reserve Chairman Jerome Powell said problems in the industrial supply chain have worsened and inflation is likely to remain elevated well into the next year.
Investors are looking for clues as to how companies are coping with supply chain issues and rising costs for materials, transportation and other goods and services. Many companies have warned that higher costs will hurt operations.
Powell also said the Fed is unwilling to raise benchmark interest rates from near zero. But he suggested the economy might be ready for a rate hike next year.
In the energy markets, the US benchmark rose 95 cents to $84.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.26 to $83.76 on Friday. Brent oil, used as a price base for international oils, lost 4 cents to $85.49 a barrel in London. It rose 92 cents to $85.53 in the previous session.
The dollar gained from 113.44 yen on Friday to 113.75 yen. The euro rose to $1.1661 from $1.1637.
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