Global Market News

China Property Outlook, FX Churn Asian Stock Markets


Last updated: 11/21/2023 05:36:00

05:36 AM EST, 11/21/2023 (MT Newswires) -- Asian stock markets were choppy on Tuesday as traders weighed currency fluctuations and indications of more support from Beijing for China's flagging property markets.

Hong Kong edged lower, Shanghai was flat and Tokyo finished in the red, although most other regional exchanges gained ground.

In Japan, the Nikkei 225 opened evenly, wobbled, and closed lower by 0.1%, as a stronger yen undercut export issues.

The benchmark Nikkei 225 fell 33.89 to 33,354.14, as losing issues outnumbered gainers 125 to 99.

Leading the upside was electronics shop Sharp, gaining 9.5%, while battery-maker GS Yuasa fell 10.8% after reporting earnings.

In Hong Kong, the Hang Seng opened higher but slumped in the afternoon session, finishing off 0.3% as traders eschewed tech issues. Property stocks were strong on the outlook for more policy support from Beijing.

The broad gauge Hang Seng fell 44.18 to 17,733.89, as losing issues outnumbered gainers 50 to 26 . The Hang Seng TECH Index lost 1% on the day, while the Mainland Properties Index rose 2.1%.

Property developer Longfor led the upside, rising 4.8%, while smartphone-maker Xiaomi declined 4.9%.

On the mainland, the Shanghai Composite finished flat at 3,067.93.

In other market news, bonds and shares of China-based property developers rose on media reports that Beijing is preparing a list of 50 real estate companies eligible for state financial assistance.

On the other regional exchanges, the South Korean KOSPI rose 0.7%; the Taiwan TWSE inclined 1.2%; the Australian ASX 200 inclined 0.3%; the Singapore Straits Times Index fell 0.5%, and the Thai Set inclined 0.3%. In late trading in Mumbai, the Sensex was up 0.4%.
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