Asian stocks down as commodity shares tumble

The Shanghai Composite Index tumbled three per cent to finish at 3,032.61.

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By :  ,  Financial Analyst

Asian stock markets mostly fell today (December 23rd) as commodity shares tumbled, despite Wall Street closing at record highs ahead of the Christmas trading break.

Zijin Mining Group Co. dropped 2.7 per cent in Hong Kong after its controlling shareholder reduced its stake in China’s largest gold producer, Bloomberg reports. Hyundai Merchant Marine Co. tumbled 6.2 per cent as South Korea’s second-largest shipping line said it plans to sell 238 billion won (£139 million) of new shares.

"Asian equities have been fairly choppy, with some of the key markets retreating despite a record close for the S&P 500. The rally in US equities continues to roll on and seems unstoppable at the moment as it looks to finish the year in style," according to an IG Markets report.

Yesterday, the Dow rose 0.9 per cent to 17,959.44, while the S&P gained 0.4 per cent to 2,078.54. These results follow several bullish session on Wall Street after the US Federal Reserve said it will be "patient" before raising interest rates.

The Shanghai Composite Index tumbled three per cent to finish at 3,032.61 today. Hong Kong's Hang Sengedged down 0.3 per cent to 23,326.62 and Seoul's Kospi lost 0.2 per cent to 1,939.02.

Learn about the Asian markets and CFD trading at City Index.

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