Markets in Asia tumble amid Trump uncertainty

by admin January 31, 2017 at 11:56 pm

Jan. 31 (UPI) — Markets in Asia tumbled a day after the Dow Jones Industrial Average lost 123 points, reflecting investor uncertainty following the announcement of U.S. President Donald Trump’s new immigration policy.

In Japan, the Nikkei Index experienced its biggest one-day loss since Nov. 9, closing down 1.7 percent to finish at 198,041.34, Yonhap news agency reported.

Another stock market index for the Tokyo Stock Exchange, the TOPIX, was down 1.4 percent to close at 1,521.67.

The value of the U.S. dollar fell to 113.24 Japanese yen, an indication investors are looking for a currency haven amid U.S. political uncertainty, CBS MarketWatch reported on Tuesday.

A day earlier in New York, the Dow fell 123 points to close at 19,971.13, after surpassing the 20,000 mark not long after Trump was sworn into office.

Traders in Tokyo said investors are selling risky assets because of the uncertainty underlying the policies of the new administration.

Markets in Seoul reflected similar investor concerns regarding Trump’s restrictive immigration policies.

On Tuesday, Korea’s main stock index, the KOSPI, was down 16.02 points, shedding .77 percent, to finish at 2,067.57.

Samsung Electronics was down 2.72 percent, following declines at U.S. technology companies like Google and Apple.

Silicon Valley tech companies have been vocal in their criticism of Trump’s immigration policies, which would impact the way the firms recruit talent.

Apple’s chief executive Tim Cook has said the company “would not exist without immigration,” and Google created a $4 million crisis fund to support immigration causes, according to CNET.

Markets in Hong Kong and China were closed on Tuesday because of an extended Lunar New Year holiday.

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