Asia Markets: Power utilities drain Nikkei as Asian markets dip

Asian shares were broadly lower Monday morning, with the Nikkei giving up early gains, driven by a sharp decline in electric utilities stocks after a nuclear-power skeptic’s weekend win in a Japanese gubernatorial race.

The Nikkei Stock Average NIK, +0.26% was recently flat, after gaining as much as 0.5% earlier in the session. Elsewhere in the region, Hong Kong’s Hang Seng Index HSI, -0.84% was off 0.8%, Australia’s S&P/ASX 200 XJO, -0.83% fell 0.4%, and Korea’s Kospi SEU, +0.24% declined 0.1%.

“Most investors will continue to be cautious and focus on economic data,” said Castor Pang, head of research at Core Pacific-Yamaichi International.

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