Asian stock markets did not have a single direction this Thursday, 25. The Shanghai and Seoul stock markets fell, while Tokyo rose. As a highlight of the day, the Central Bank of South Korea raised interest rates, highlighting pressures on inflation.
In China, the Shanghai Stock Exchange closed down 0.24%, at 3,584.18 points, and the Shenzhen, of smaller coverage, retreated 0.33%, at 2,512.22 points.
The brokerage Jinxin Futures considered that there was more caution among traders on Thursday, after the minutes of the Federal Reserve (Fed, the US central bank) show that some leaders see more urgency to raise interest rates in the United States, given the scenario in inflation. Actions linked to tourism and logistics pulled down the Chinese market.
On the Tokyo Stock Exchange, the Nikkei index closed up 0.67%, at 29,499.28 points, partially recovering from the sharper fall of the previous day. The sentiment was supported by the government’s decision to issue new bonds in fiscal year 2022 in order to fund an extra budget for the current fiscal year. Stocks linked to the financial sector stood out, with Sumitomo Mitsui Financial up 1.2% and Mitsubishi UFJ Financial Group, up 0.1%. Daiwa Securities posted a 1.4% gain.
On the Seoul Stock Exchange, the Kospi index ended down 0.47%, at 2,980.27 points, in its third consecutive fall. Electronics, retail and airline papers led the negative move. The South Korean BC raised the base interest rate from 0.75% to 1.00%, as expected by most analysts, and hinted that it could revise its inflation expectations in the country upwards. This was the second rise in interest rates in three months and Capital Economics projects three more hikes over 2022 by BC of South Korea.
In Hong Kong, the Hang Seng Index closed with a gain of 0.22%, at 24,740.16 points. Technology-related roles in general fared well. In Taiwan, the Taiex index rose 0.07% to 17,654.19 points, after fluctuating between gains and losses throughout the day.
In Oceania, on the Sydney Stock Exchange, the S&P/ASX 200 index rose 0.11%, to 7,407.30 points. The advance of mining papers offset the weakness of financial stocks in the Australian market. The technology sector was in positive territory.
* With information from Dow Jones Newswires
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