(MENAFN- Baystreet.ca) Shares in Asia were mostly lower on the first trading day of 2019, on the back of a turbulent 2018 that saw most major global stock exchanges end the year with significant losses.
Markets in Japan were shut down for the day, as were indexes in New Zealand
In Hong Kong, the Hang Seng Index tumbled 715.35 points, or 2.8%, to 25,130.35, with shares of Chinese tech heavyweight Tencent declining approximately 2.4%.
In Korea, markets slumped, despite shares of industry heavyweight Samsung Electronics gaining 0.1%, and chipmaker SK Hynix gaining 0.2%
In Australia, the heavily-weighted financial sub-index fell 2% as shares of the so-called Big Four banks Down Under declined. Australia and New Zealand Banking Group dropped 2.5%, Commonwealth Bank of Australia slipped 2%.Westpac declined by 2.2% and National Australia Bank shed 1.8%
CHINA
In Shanghai, the CSI 300 curbed 41.11 points, or 1.4%, to 2,969.54
The moves came after a private survey showed manufacturing activity in China contracted for the first time in 19 months in December.
The Caixin/Markit Manufacturing Purchasing Managers' index (PMI), fell to 49.7 from 50.2 in November — its first contraction since May 2017.
A reading above 50 indicates expansion, while a reading below that level signals contraction.
Economists had expected only a marginal dip from November to 50.1.
Official manufacturing PMI released on Monday showed a slowdown in activity for the month of December as the sector contracted for the first time in more than two years, dropping below the critical 50 level.
The private survey focuses on small and medium-sized enterprises while the official PMI gauge focuses on large companies and state-owned enterprises.
In other markets
In Singapore, the Straits Times Index dropped 29.87 points, or 1%, to 3,038.89
In Korea, the Kospi index lost 31.04 points, or 1.5%, to 2,010.
In Taiwan, the Taiex index stumbled 173.27 points, or 1.8%, to 9,554.14
In Australia, the ASX 200 dumped 88.64 points, or 1.6%, to 5,557.76
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