Chinese factory data, clampdown on Internet players sink Asia-Pacific markets

BELOW-EXPECTATION China factory data and Beijing's clampdown on Internet companies weighed on investor sentiment and sank Asia-Pacific markets on Friday.

While Singapore shares were not spared the red ink, the decline was relatively small. The Straits Times Index was 3.31 points or 0.1 per cent lower to wrap up trading at 3,218.27 points. The blue-chip gauge was up 0.76 per cent for the week.

Shares of Raffles Education Corporation, which is deliberating a requisition to convene an extraordinary general meeting to remove executive chairman Chew Hua Seng, rose 21.95 per cent to S$0.20.

The request, by substantial shareholders Oei Hong Leong and his firm, has since been followed up with an open letter dated April 28 from them. Mr Oei has offered to pay for an independent special audit on a share placement that took place in 2017, if his allegation that Mr Chew was the beneficiary owner of the placement shares are found to be untrue.

Yangzijiang Shipbuilding's stellar quarterly earnings did not help the shares from dipping into the red. The counter slid 2.06 per cent to S$1.43, notwithstanding an almost 90 per cent jump year-on-year for its first quarter earnings.

Sembcorp Marine, with a trading volume of 117.8 million shares, emerged as the most active stock. The counter closed 2.33 per cent lower at S$0.21.

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Gainers trailed losers 182 to 306 in the broad market, with 1.65 billion securities worth S$1.83 billion transacted.

Elsewhere in Asia, where the impact of the news from China was felt more keenly, Hong Kong's Hang Seng Index led the pack with a loss of 1.97 per cent to close at 28,724.88 points. The Shanghai Composite Index was 0.81 per cent down at 3,446.86 points

Both Japan's Nikkei 225 and South Korea's Kospi Index each fell 0.83 per cent to close at 28,812.63 points and 3,147.86 points respectively. Australia's S&P/ASX 200 Index logged a smaller decline of 0.80 per cent to 7,025.82 points.

The FTSE Bursa Malaysia Kuala Lumpur Composite shed 0.43 per cent to 1,601.65 points at the closing bell.