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Wall Street Cues, Central Bank Views Dent Asian Stock Markets

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Last updated: 10/31/2024 07:01:06

07:01 AM EDT, 10/31/2024 (MT Newswires) -- Asian stock markets largely traded lower Thursday on overnight Wall Street cues and after the Bank of Japan signaled rate hikes were still on the table.

Hong Kong and Tokyo finished in the red, although Shanghai gained. Other regional exchanges lost ground, while the Taiwan exchange closed due to Typhoon Kong-rey.

In Japan, the Nikkei 225 opened lower and could not recover, finishing off 0.5% after the Bank of Japan decided to hold rates steady, and as traders awaited clarity pending the US national elections next week.

The benchmark Nikkei 225 fell 196.14 to 39,081.25, as losing issues outnumbered gainers 111 to 109.

Leading the upside was Mitsubishi Motors, up 9.3% after reporting earnings, while online medical services outfit M3 declined 13.5%, also after disclosing quarterly results.

In economic news, the Bank of Japan held its key short-term policy rate at 0.25%, citing moderate economic growth and slowly ebbing inflation. The central bank forecast that inflation would decrease to under its 2% goal in 2025, but Governor Governor Kazuo Ueda indicated in a press conference that rate hikes were possible in the future.

In Hong Kong, the Hang Seng Index opened higher but slipped in trading, finishing off 0.3% on soft tech issues.

The broad gauge Hang Seng fell 63.31 to 20,317.33 as losing issues outnumbered gainers 47 to 29. The Hang Seng TECH Index lost 0.3% on the day, while the Mainland Properties Index rose 1.3%.

Leading the upside was Xinyi Solar, gaining 3.6%, while Geely Automobile declined 5.3%.

On the mainland, the Shanghai Composite rose 0.4% to 3,279.82.

In economic news, China's official manufacturing purchasing managers index logged at a seasonally adjusted 50.1 in October, up from September's PMI reading of 49.8 and inching above the 50-marker that separates growth from contraction, reported National Bureau of Statistics.

The China non-manufacturing PMI posted at a seasonally adjusted 50.2 in October, up from 50.0 in September, and the general PMI rose to a seasonally adjusted 50.8 in October from 50.4 in September, added the statistics agency.

On the other regional exchanges, the S. Korean KOSPI fell 1.4%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index was steady, and the Thai Set added 1.3%. In late trading in Mumbai, the Sensex was down 0.5%.

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