Asia shares sink as Trump reported taking lead in vote count
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HONG KONG - Asian shares have shed early gains, tumbling Wednesday as Donald Trump gained the lead in the electoral vote count in the presidential election. Earlier, investors had appeared persuaded that Hillary Clinton, seen as a more stable choice, would prevail.
Japan's Nikkei 225 index dropped 2.5 percent to 16,741.84 and the S&P ASX/200 in Australia slipped 0.2 percent to 5,249.40. South Korea's Kospi skidded 0.6 percent to 1,991.11 and Hong Kong's Hang Seng tumbled 1.4 percent to 22,582.11. The Shanghai Composite index fell 0.2 percent to 3,142.94. Benchmarks were higher in Malaysia and Indonesia but fell in Taiwan and Singapore.
Safe-play stocks such as utilities and phone companies were among the biggest gainers Tuesday as investors focused on the US presidential election. Wall Street has largely seen Hillary Clinton as more likely to maintain the status quo, while viewing Trump's polices as less clear. The Dow Jones industrial average rose 0.4 percent to close at 18,332.74, the Standard & Poor's 500 index also gained 0.4 percent, to 2,139.56. The Nasdaq composite index added 0.5 percent to 5,193.49.
The dollar plunged to 103.16 yen from 104.96 in the previous day's trading. The euro edged up to $1.1022 from $1.1020.
Oil prices slipped. Benchmark US crude futures lost 59 cents to $44.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to close at $44.98 a barrel on Thursday. Brent crude, used to price international oils, slid 72 cents to $45.72 a barrel in London.
