Asian markets closed mostly higher at the end of trading on Monday, September 22, the opening session of the week. Chinese indices turned from red to higher, with the exception of the Hang Seng Index, after the People’s Bank of China decided to keep interest rates unchanged for the fourth consecutive month. Japanese indices rose after absorbing the Bank of Japan’s decision to sell its asset holdings.
In its meeting this morning, the People’s Bank of China kept the one-year lending rate unchanged at 3%, as expected, and the five-year rate at 3.5%.
The Nikkei index closed the session at 45,493 points, up 0.99%, or 447 points, marking a new record high. The Topix index of the Tokyo Stock Exchange rose by approximately 0.49% today, closing at 3,163 points. Lasertec and Taiyo Yuden led the Nikkei’s gains, rising more than 9%. The Bank of Japan decided at its meeting on Friday, the end of the week, to keep monetary policy and interest rates unchanged. The board voted 7-2 to keep interest rates at 0.50%, as expected, while two members voted to raise interest rates by 25 basis points. The board also announced the sale of its holdings of exchange-traded funds (ETFs) and Japanese real estate investment trusts (J-REITs), which it owns at an annual rate of 330 billion yen.
Chinese indices recorded gains today, with the broader Chinese CSI300 index rising by 0.46% to close at 4,522 points, while the Shanghai Composite Index closed up 0.22% at 3,828 points.
Hong Kong’s Hang Seng Index, the main index for the Hong Kong Stock Exchange, declined today in pre-market trading by approximately 1.02% to trade at 27,276 points, with CITIC leading the declines with losses of more than 5%. In contrast, the South Korean Kospi index rose by 0.68% in today’s session, closing at 3,468 points. Preliminary figures showed that South Korean exports declined by 10.6% in September, impacted by higher tariffs.
India’s Sensex index fell by 0.23% before closing at 82,439 points, while the Nifty 50 index fell by 0.08% to trade at 25,304 points.
Shares of Indian thermal power company Adani Power rose by more than 15% today after the company decided to split its shares five for one.
New Zealand stock markets closed with losses today, with the NZX 50 index falling 0.68% to close at 13,141 points, while Australia’s ASX 200 index rose 0.43% to close at 8,810 points. Singapore’s FTSE Statistical Times Index fell 0.23% in pre-market trading to trade at 4,203 points.
RBA Governor Michelle Bullock, in her appearance before lawmakers in the House of Representatives, indicated that the country’s economy is in good shape, and that slowing inflation and a resilient labor market give policymakers greater flexibility in dealing with changing risks. The economic outlook remains clouded by uncertainty.