Asian shares on shaky footing amid elevated valuations, oil skids

Asian shares on shaky footing amid elevated valuations, oil skids

Asian shares were on the defensive on Monday as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession while oil prices dropped sharply.

Chinese stocks started lower while shares of Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) plunged to the lowest since June 16 on fears the firm could be added to a US trade blacklist.

China's blue-chip index slipped 0.5per cent and Hong Kong's Hang Seng eased 0.2per cent.

Japan's Nikkei fell 0.4per cent with SoftBank coming under heavy selling following media reports it has spent at least $4 billion buying call options on listed US technology stocks.

Australian shares, which had opened in the red, reversed losses to edge up 0.1per