Asia-Pacific Markets Slide on Year’s Second-Last Trading Day
Asia-Pacific shares and precious metals retreated in thin year-end trade, capping a robust quarterly rally.
Markets Close to a Whisper
Tokyo’s neon tickers flickered red as the penultimate trading session of 2023 drew to a close, echoing a broader retreat across the Asia-Pacific region. From Sydney’s glass-walled bourses to Hong Kong’s crowded trading floors, investors cashed in gains, nudging benchmark indices lower and sending safe-haven metals tumbling alongside them.
Stocks Lose Their Shine
Japan’s Nikkei 225 slipped 1.2%, dragged by profit-taking in chipmakers and automakers. Australia’s ASX 200 shed 0.9%, while Seoul’s Kospi dipped 0.7%. Only Shanghai’s Composite bucked the trend, eking out a 0.3% rise on late-day buying in consumer staples.
“It’s classic window-dressing,” said Mayumi Okura, senior strategist at Tokai Global. “Funds are locking in performance before the calendar flips.”
Precious Metals Feel the Pinch
Gold futures on the Shanghai Exchange fell 1.4% to US$2,052 an ounce, their steepest single-day drop since mid-November. Silver slid 2.1%, mirroring a stronger dollar and rising bond yields.
- Regional tech names led decliners, with Samsung and Sony both down >2%.
- Energy counters remained resilient; Brent crude hovered near US$78/bbl.
- Currency desks saw the yen weaken to 141.30 per dollar.
What Happens Next?
With New Year holidays shuttering most exchanges Monday, liquidity is expected to evaporate—historically fertile ground for outsized moves. Traders are already positioning for January’s central-bank meetings, starting with the Bank of Japan’s rate decision on Jan. 8.