Asian markets were lower on Thursday, as fears that the U.S. Federal Reserve could soon start cutting its bond-buying program continued to weigh on regional sentiment, though Hong Kong's largest listing in 2013 started trading with a pop.
China Cinda Asset Management, Hong Kong's largest initial public offering this year, surged 25.7% on its debut. The asset management company, which processes bad debt from Chinese banks and converts it into equity stakes, raised $2.5 billion in an IPO that priced at the top of its price range.
China Cinda Asset Management, Hong Kong's largest initial public offering this year, surged 25.7% on its debut. The asset management company, which processes bad debt from Chinese banks and converts it into equity stakes, raised $2.5 billion in an IPO that priced at the top of its price range.
Chinese pharmaceutical retailer Jintian Pharmaceutical Group Ltd., which raised US$189 million in an IPO after pricing its deal at the low end of the price range, fell 18.6% on its first day of trading.
The Hong Kong stock market moved lower, with the Hang Seng Index down 0.5% at 23218.12, while the Shanghai Composite fell less than 0.1% to 2202.80.
The dollar lost 0.4% against the yen overnight, though it made a recovery on Thursday—last at ¥102.79 compared with ¥102.45 late Wednesday in New York. Earlier this week, the dollar was close to reaching a fresh multiyear high against its Japanese counterpart.
The weaker yen was a catalyst for strong gains in Japanese stocks in November. Although the dollar recovered on Thursday, the Nikkei was more focused on the overnight declines on Wall Street. The index lost 1.1% to 15341.82.
South Korea's Kospi fell 0.5% to 1967.93.
Stock trading in Sydney remained depressed, with the S&P/ASX 200 down 0.8% at 5062.50 after Australia's unemployment rate rose in November to 5.8%, moving closer to a post-financial crisis high.
