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2016.11.0904:32:00UTC+00Asian Stocks Drop as Trump Heads for White House

Asian stocks declined in market confusion as investors were shocked with Republican Donald Trump winning the U.S. presidential race. The MSCI Asia Pacific Index was down 2.6 percent.

Trump shocked traders by defeating Democrat Hillary Clinton to become the 45th president of the U.S. Japan's Nikkei slumped 5.4 percent while the Topix index sank 4.6 percent, pulled down by exporters after the yen climbed. Hong Kong's Hang Seng Index slipped 2.4 percent and Taiwan's Taiex Index dropped three percent. South Korea's Kospi index retreated 2.3 percent, Australia's S&P/ASX 200 Index fell 1.9 percent and New Zealand's S&P/NZX 50 Index declined 3.3 percent. China's Shanghai Composite Index was down 0.6 percent. Singapore's Straits Times Index fell 1.3 percent.

Safe-haven demand pulled up gold and the yen by over two percent. Shandong Gold Mining Co. jumped ten percent while Zhongjin Gold Corp. rose ten percent. China Petroleum & Chemical Corp. and PetroChina Co. both declined by over four percent. Cheung Kong Property was down 3.1 percent and ICBC fell 3.6 percent. HSBC Holdings Plc plunged two percent.

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