Daily Finance Shares in Asia were mixed Monday with the Hang Seng down 1.1% to close at 20,932 and the Nikkei dropping 2.3% to end the day at 10,202.
Only the China markets were in the green with the Shanghai Composite gaining 1.2% to close at 3,027.
The Chinese index might have gone higher, had it not been for Obama’s decision on Friday to levy new trade tariffs on all Chinese-made car and light truck tires entering the U.S.
This news led to a steep sell-off in the Chinese tire sector with tire producer Double Coin Holdings Ltd. plunging 10% the maximum daily loss limit. Aeolus Tyre Co., the tiremaker with the largest market cap, slumped 3.3% while Guizhou Tyre Co. Ltd. slid 6.7% and Giti Tire Corp. fell 4.9%.
The news also hurt rubber producers around Asia with Sri Trang Agro-Industry Plc, Thailand’s largest publicly traded rubber producer, losing 4.1%. On a positive note, computer company Founder Technology jumped 10% in Chinese trading and electronics company Aisino Co. gained 6.6%.