Asian stocks see declines in shrunken holiday trading volumes
- China is back from holidays, tagging out Japan who is taking a long weekend.
- Monday sees a bearish start to the week in volume-constrained markets.
Asian stocks are seeing declines as China comes back from a week-long holiday, but Japan has taken a long weekend, leaving the Pacific-Asia trading window deprived of trading volumes.
China has finally come back after last week's 'golden week' holiday, and the Hong Kong Hang Seng index remains down -0.50%, while Shanghai's CSI 300 is in full-on sell-off mode, declining -3.25% in Monday's trading as Chinese investors race to catch up with the bearish sentiment seen in broader markets thanks to rising US Treasury yields.
Australia's ASX 200 is also in the red by -1.38%, while the broader Asia-Pacific MSCI index is also back -0.72% on the day as emerging markets remain exposed to shocks to broader market sentiment.
CSI 300 levels to watch
The Shanghai CSI 300 is sharply off of the last swing high of 3,445, testing into 3,325 as Chinese markets see sharp declines following their week-long holiday, and the CSI is facing further downside into the index's major 2018 bottom at 3,193, with support remaining limited as the index remains in a firm downtrend thanks to continuous investor jitters and broader market concerns about the US-China trade war.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
