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Asian shares mixed; Hong Kong casino stocks tank on china arrests

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Asian shares were mixed on Monday, with casino-related stocks in Hong Kong falling sharply on news that Chinese authorities detained employees at casino operator Crown Resorts for suspected gambling crimes.

Hong Kong’s Hang Seng Index was down 0.6%, while Australia’s S&P/ASX 200 fell 0.6% and Korea’s Kospi declined 0.5%. Meanwhile, the Nikkei Stock Average gained 0.3% after rising as much as 0.5% earlier and the Shanghai Composite Index was up 0.1%.

Over the weekend, China said it held 18 casino employees at Australia-based Crown Resorts as part of an investigation into illegal gambling-related activity. Among those detained include Jason O’Connor, the head of the company’s international VIP team.

Shares of the casino operator, part-owned by billionaire James Packer, tumbled 13.7% in Australia on Monday.

Paul

The author Paul