Asian Stocks End Mixed As China's Policy Support Disappoints
Asian markets finished Monday’s trading on a mixed note amidst disappointment over a weak policy response from Beijing to the deepening property crisis. Anxiety surrounding the central bankers meeting at Jackson Hole also dampened sentiment. Stocks in China meanwhile touched a 38-week low.
China’s Shanghai Composite Index shed 38.98 points or 1.2 percent to finish trading at 3,092.98. The day’s trading ranged between 3,092.98 and 3,134.96. The Shenzhen Component Index dropped 138.12 points or 1.3 percent to close at 10,320.39.
The Japanese benchmark Nikkei 225 Index added 114.88 points or 0.4 percent to end trading at 31,565.64. The day’s trading range was between 31,402.5 and 31,779.5.
Sumitomo Dainippon Pharma and Tokyo Electric Power Co. both rallied more than 4 percent. Nikon Corp. and J. Front Retailing both added more than 3 percent.
Yaskawa Electric Corp., Daikin Industries and Nippon Paper Industries all declined more than 2 percent. Yokohama Rubber and Tokio Marine Holdings both declined more than 1 percent.
The Hang Seng Index of the Hong Kong Stock Exchange erased 327.56 points or 1.8 percent from the previous close to finish trading at 17,623.29. The day’s trading range was between a high of 17,867.66 and a low of 17,587.38.
The Korean Stock Exchange’s Kospi Index gained 4.30 points or 0.2 percent to close trading at 2,508.80. The day’s trading range was between 2,505.59 and 2,524.41.
Australia’s S&P/ASX200 Index closed trading at 7,115.50 dropping 32.60 points or 0.5 percent. The day’s trading range was between 7,115.50 and 7,148.10.
Premier Investments surged 12.2 percent following the release of its fiscal 2023 trading update. Breville Group added close to 9 percent after publication of annual financial results. Lake Resources and Lovisa Holdings both gained more than 6 percent. NIB Holdings added 4.5 percent in the day’s trading.
Software business Iress plunged 35 percent after announcing the sale of its MFA business and lowering its 2023 full year guidance. The A2 Milk Company shed 13.6 percent following an earnings update. Elders dropped 10.8 percent after releasing its profit guidance. Reliance Worldwide Corp. declined 8.3 percent followed by Megaport, which lost 5.6 percent.
The NZX 50 Index of the New Zealand Stock Exchange tumbled 152.50 points or 1.3 percent to close at 11,458.69. Trading ranged between 11,441.55 and 11,611.19.
Investore Property and Genesis Energy gained more than 3 percent whereas Stride Property added 2.1 percent.
Pacific Edge was the biggest laggard, declining 14.6 percent. A2 Milk Company shed 12.5 percent following an earnings update. Skellerup Holdings declined 5.6 percent. Restaurant Brands NZ erased 4.4 percent followed by Mercury NZ that dropped 3.6 percent.
Wall Street had closed on a weak note on Friday, as rate hike worries and credit risks from China dampened sentiment. The Nasdaq Composite dropped 0.2 percent to close at 13,290.78 whereas the Dow Jones Industrial Average edged up 0.1 percent to finish trading at 34,500.66.
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