07:01 AM EDT, 05/02/2024 (MT Newswires) -- Asian stock markets churned Thursday after the US Federal Reserve held rates steady at a Wednesday policy session, and as traders weighed the unfolding earnings season.

Hong Kong gained and Tokyo lost ground, while Shanghai remained shuttered on holiday. Other regional exchanges were mixed on the downside.

In Japan, the Nikkei 225 was lower, see-sawed and finished off 0.1% as traders weighed the fluctuating exchange rate of the Japanese yen and overnight declines on Wall Street.

The benchmark Nikkei 225 fell 37.98 to 38,236.07 as losing issues outnumbered gainers 123 to 100.

Leading the upside was Kansai Electric Power, up 5%, while Sumitomo Pharma declined 6.7%.

In economic news, overnight stays at accommodation facilities in Japan by foreigners rose 68.2% in March from a year earlier to 12.7 million, an all-time record monthly high, reported the Japan Tourism Association.

In Hong Kong, the Hang Seng Index opened higher after a one-day hiatus and rose to the close, finishing up 2.5% as traders bought into financial, property and tech issues.

The broad gauge Hang Seng rose 444.10 to 18,207.13, as gaining issues outnumbered losers 66 to 13. The Hang Seng TECH Index gained 4.5% on the day, while the Mainland Properties Index rose 4.5%.

Leading the upside was real estate services outfit Country Garden Services, gaining 13.1%, while PetroChina fell 3.8%.

In mainland China, securities exchanges remained closed on holiday.

On the other regional exchanges, the S. Korean KOSPI declined 0.3%; the Taiwan TWSE lost 0.9%; the Australian ASX 200 added 0.2%; the Singapore Straits Times Index gained 0.1%, and the Thai Set retreated 0.3%. In late trading in Mumbai, the Sensex was up 0.2%.

http://www.mtnewswires.com
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.