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Asian Stock Markets Uneven; Tokyo Up as Hong Kong, Shanghai Retreat

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Last updated: 09/14/2021 06:43:26

06:43 AM EDT, 09/14/2021 (MT Newswires) -- Asian stock markets were uneven on Tuesday, as sinking property and tech issues drove the Hong Kong and Shanghai exchanges lower but Tokyo rose on the outlook for government stimulus and on declining COVID-19 infections. Other regional exchanges were mostly higher.

Japan's Nikkei 225 opened higher on Wall Street cues and gained in trading, finishing up 0.7% and striking a fresh, 31-year high. The benchmark index rose 222.73 to 30,670.10 as gaining issues outnumbered losers 179 to 42.

Prime Minister Yoshihide Suga's announcement that he will not run in the ruling Liberal Democratic Party's leadership race has bolstered the outlook for additional government stimulus from the succeeding administration. Meanwhile, new daily COVID-19 infections continued to decline from an Aug. 20 crest.

In economic news, Japan's industrial production in July rose 11.6% from a year ago but slipped a seasonally adjusted 1.5% from June, according to revised figures released by the Ministry of Economy, Trade and Industry.

Hong Kong's Hang Seng Index opened evenly but slumped in afternoon trading, finishing down 1.2% as traders again backed away from property and tech issues.

The broad gauge Hang Seng fell 311.58 to 25,502.23, as losing issues outnumbered gainers 56 to three. The Hang Seng TECH Index declined 1.4% on the day, while the Mainland Properties Index retreated 5.1%.

On the mainland, the Shanghai Composite fell 1.4% to 3,662.60.

On the other exchanges, the S. Korean Kospi added 0.7%; the Taiwan TWSE lost 0.1%; the Australian ASX 200 gained 0.2%; the Singapore Straits Times Index rose 0.2%, and the Thai Set retreated 0.6%. In late trading in Mumbai, the Sensex was up 0.1%.

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