Global Market News

China Real Estate, FX Roil Asian Stock Markets


Last updated: 11/29/2023 05:44:07

05:44 AM EST, 11/29/2023 (MT Newswires) -- Asian stock markets tracked choppily lower Wednesday as traders weighed China property markets and currency exchange rates.

Hong Kong, Shanghai and Tokyo finished in the red, while other regional exchanges were mixed.

In Japan, the Nikkei 225 opened lower, see-sawed and finished down 0.3% as a stronger yen undercut export issues. The Japanese yen traded in the 147 to the US dollar range, after nearing 152 to the greenback in mid-November.

The benchmark Nikkei 225 fell 87.17 to 33,321.22, as losing issues outnumbered gainers 157 to 67.

Leading the upside was Lasertec, gaining 5.2%, while Sumitomo Pharma lost 4.9% on the downside.

In other news, auto giant Toyota reported all-time records for October, with production hitting 900,285 vehicles globally in the month, up 16.7% on year, and 890,241 vehicles sold, up 7% on year.

In Hong Kong, the Hang Seng opened evenly but slumped through the day, finishing down 2.1% as traders again eschewed tech and property stocks.

The broad gauge Hang Seng fell 360.70 to 16,993.44, as losing issues outnumbered gainers 71 to eight. The Hang Seng TECH Index lost 2.3% on the day, while the Mainland Properties Index fell 4.1%.

Leading the upside was Zijin Mining, gaining 3.6%, while online delivery service Meituan brought up the rear, falling 12.2%.

On the mainland, the Shanghai Composite fell 0.6% to 3,021.69.

On the other regional exchanges, the South Korean KOSPI fell 0.1%; the Taiwan TWSE inclined 0.2%; the Australian ASX 200 inclined 0.3%; the Singapore Straits Times Index rose 0.6%, and the Thai Set declined 1%. In late trading in Mumbai, the Sensex was up 1.1%.

In other news, Thailand Prime Minister Srettha Thavisin is negotiating $5 billion worth of investment in manufacturing facilities from US automaker Tesla, reported The Nation, a Thai newspaper. The Thai PM reportedly said a Tesla team is in the country to inspect factory locations.
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