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Asia Stocks Fall on EV Retreat



Asia-Pacific markets mostly declined Friday as electric vehicle stocks in the region dropped for a second day, while investors also digested inflation data from Tokyo.

In Japan, the Nikkei 225 dived 485.9 points, or 1.3%, to 35,751.07, after the January inflation reading from Tokyo came in softer compared to December. Tokyo’s data is widely considered to be a leading indicator for nationwide inflation.

Tokyo’s headline and core inflation rate for January both came in at 1.6%, compared with 2.4% and 2.1%, respectively, in December.
In Hong Kong, the Hang Seng index tumbled 259.73 points, or 1.6%, to 15,952.23.

Hong Kong-listed shares of Xpeng and Li Auto fell over 4% each, while BYD fell 4.2%. The Hang Seng Tech index, housing most EVs, shed 4%.

Tesla shares fell 12% in U.S. trading on Thursday after the EV giant missed earnings expectations and warned of a slowdown in 2024, which also triggered a sell-off in Asian EV companies.

Hong Kong stocks were set to rise the most among their Asia peers for the week, with the Hang Seng up 4.2% for the week.

CHINA

In Shanghai, the CSI 300 moved lower 9.1 points, or 0.3%, to 3,333.82, retreating from a 2% bounce in the previous session after property stocks got a boost from Beijing’s plans to boost liquidity in the beleaguered sector.

They extended gains on Friday, with the CSI 300 real estate sector hitting a near four-week high after rising 3% in afternoon trading.

In other markets

In Singapore, the Straits Times Index recovered 11.89 points or 0.4%, to 3,159.53.

In Taiwan, the Taiex eased back 7.59 points to 17,995.03.

In Korea, the Kospi index notched higher 8,22 points, or 0.3%, to 2,478.56.

In New Zealand, the NZX 50 ditched 14.6 points, or 0.1%, to 11,875,03.

Australian markets were shuttered for Australia Day



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