06:52 AM EDT, 09/30/2024 (MT Newswires) -- Asian stock markets were heavily mixed on Monday with China-exposed exchanges soaring on the outlook for Beijing economic stimulus and property-sector support, but Tokyo sliding on the appreciating Japanese yen and dimming prospects for exporters.

Other regional exchanges were also uneven.

In Japan, the Nikkei 225 opened sharply lower and could not recover, finishing off 4.8% as the yen renewed gains against the US dollar.

The benchmark Nikkei 225 fell 1,910.01 to 37,919.55, as losing issues outnumbered gainers 212 to 13. Only bank stocks rose, on the outlook for higher interest rates to boost bank earnings.

Leading the upside was bank Resona, up 5.9%, while department-store chain Isetan Mitsukoshi lost 10.6%.

In other news, late Friday Shigeru Ishiba won the ruling Liberal Democratic Party's leadership race, and is slated to become Japan's next Prime Minister. Ishiba is regarded as a supporter of a tighter Bank of Japan monetary policy.

In economic news, Japan's retail sales rose 2.8% on year in August, and gained 0.8% from July, reported the Ministry of Economy, Trade and Industry (METI).

In addition, Japan's industrial production fell 4.9% on year in August, and fell 3.3% from July, reported METI.

In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 2.4% on the outlook for aggressive stimulus from Beijing to boost the sluggish China economy.

The broad gauge Hang Seng rose 501.38 to 21,133.68, as gaining issues outnumbered losers 58 to 24. The Hang Seng TECH Index gained 6.7% on the day, while the Mainland Properties Index rose 6.4%.

Leading the upside was Alibaba Health Information Systems, gaining 29.9%, while Henderson Land Development fell 8.1%.

On the mainland, the Shanghai Composite rose 8.1% to 3,336.50, as traders took positions before the start of the weeklong Golden Week holiday.

In other news, Beijing's People's Bank of China on Sunday advised banks to lower mortgage rates, while several state jurisdictions lowered minimum down-payments for housing purchases.

In economic news, the Caixin China composite purchasing managers index (PMI), a combination of the nation's manufacturing and services sector, declined to 50.3 in September, down from 51.2 in August, reported S&P Global.

China's seasonally adjusted manufacturing PMI fell to 49.3 in September from 50.4 in August, while the nation's services sector PMI posted at 50.3 in September, down from 51.6 in August, said S&P Global, citing its monthly survey.

Separately, China's official manufacturing PMI improved to 49.8 in September from 49.1 in August, though still striking below the 50-marker, reported the National Bureau of Statistics (NBS), also on Monday.

The official non-manufacturing PMI dropped to 50.0 in September, from 50.3 in August, added NBS.

On the other regional exchanges, the S. Korean KOSPI fell 2.1%; the Taiwan TWSE declined 2.6%; the Australian ASX 200 inclined 0.7%; the Singapore Straits Times Index rose 0.3%, and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was down 1.5%.

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