05:57 AM EST, 02/03/2025 (MT Newswires) -- Asian stock markets largely fell back Monday, following Trump Administration announcements of 25% trade tariffs on Mexico and Canada, and additional 10% tariffs on China, over the weekend.

Stock markets in Tokyo, Seoul and Taiwan finished solidly in the red. Hong Kong edged sideways, after opening up after a five-day holiday hiatus.

Shanghai remained closed on holiday, while other regional exchanges drifted lower.

In Japan, the Nikkei 225 opened lower and could not recover, finishing off 2.7% as traders weighed an evolving international trade environment.

The benchmark Nikkei 225 fell 1,052.40 to 38,520.09, as losing issues outnumbered gainers 209 to 16.

Leading the upside was Sumitomo Pharma, up 16.4% after reporting earnings, while chip-designer Socionext declined 15.8%.

In economic news, the Japan manufacturing purchasing managers index (PMI) logged at 48.7 in January, down from 49.6 in December, and falling further below the 50-marker that separates growth from contraction, reported S&P Global.

In Hong Kong, the Hang Seng Index opened lower but gained in trading, concluding the day flat as traders looked for values in a depressed market.

The broad gauge Hang Seng fell 7.85 to 20,217.26, as losing issues outnumbered gainers 55 to 26. The Hang Seng TECH Index gained 0.3% on the day, while the Mainland Properties Index fell 1.3%.

Leading the upside was Semiconductor Manufacturing International, gaining 10.3%, while Sands China declined 7%.

In economic news, the headline mainland China seasonally adjusted purchasing managers index (PMI) fell to 50.1 in January, down from 50.5 in December, reported Caixin/S&P Global, citing its monthly survey.

On the other regional exchanges, the S. Korean KOSPI fell 2.5%; the Taiwan TWSE declined 3.5%; the Australian ASX 200 declined 1.8%; the Singapore Straits Times Index fell 0.8%, and the Thai Set declined 0.8%. In late trading in Mumbai, the Sensex was down 0.4%.

In other news, the seasonally adjusted India manufacturing PMI rose to 57.7 in January from 56.4 in December, reported S&P Global.

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