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Tech, Central Bank, FX Outlooks Roil Asian Stock Markets

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Last updated: 07/26/2024 06:50:20

06:50 AM EDT, 07/26/2024 (MT Newswires) -- Asian stock markets turned in a choppy Friday as traders weighed tech-sector values, central bank policies, and currency exchange rates.

Hong Kong and Shanghai edged into the green, but Tokyo finished in the red while other regional exchanges were also uneven.

Taiwan's TWSE fell 3.3% after being shuttered for two days on typhoon watch.

In Japan, the Nikkei 225 opened lower, wobbled, and finished off 0.5% as traders weighed prospects for a tighter Bank of Japan and a stronger yen that would undercut export issues.

The benchmark Nikkei 225 fell 202.10 to 37,667.41 as losing issues outnumbered gainers 122 to 98.

Leading the upside was Hino Motors, up 6.1%, while semiconductor maker Renesas Electronics fell 5.5%.

In economic news, the Tokyo core consumer price index for July, which excludes fresh food costs, rose 2.2% in July from a year earlier, reported the Cabinet Office.

In Hong Kong, the Hang Seng Index finished up 0.1% as traders moved back into property and tech issues.

The broad gauge Hang Seng fell 16.34 to 17,021.31, as gaining issues matched losers at 39 each. The Hang Seng TECH Index gained 0.7% on the day, while the Mainland Properties Index rose 0.4%.

Leading the upside was Haier Smart Home, gaining 6.1%, while telecom service China Unicom fell 4.2%.

On the mainland, the Shanghai Composite rose 0.1% to 2,890.90.

Hong Kong traders are waiting for policy clues from Beijing, reported the South China Morning Post. "Investors now await a Politburo meeting, expected to be held later this month, for clues as to how President Xi Jinping will fix economic issues like a home sales slump and weak consumer spending," said the paper.

In other news, yields on 10-year sovereign China bonds fell to record lows, under 2.20%.

On the other regional exchanges, the S. Korean KOSPI rose 0.8%; the Australian ASX 200 inclined 0.8%; the Singapore Straits Times Index fell 0.1%, and the Thai Set inclined 1.2%. In late trading in Mumbai, the Sensex was up 1.7%.

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