Tuesday, 06 June 2023 11:07 GMT

Korea Tumbles As China Keeps Rate Intact

(MENAFN- Baystreet.ca) Korea Tumbles as China Keeps Rate Intact


Shares in Asia-Pacific were mixed on Monday, as investors monitored market reaction to the release of China's latest benchmark lending rates.
In Japan, the Nikkei 225 dropped 191.78 points, or 0.7%, to 25,771.25.
The Japanese yen traded at 134.68 per U.S. dollar, weaker as compared to levels below 132 seen against the greenback last week.
In Hong Kong, the Hang Seng index gained 88.91 points, or 0.4%, to 21,163.91. Shares of life insurer AIA gained 1.3%.
Netease shares in the city skidded 6.7% after the firm announced a delay to the release of its eagerly anticipated video game Diablo Immortal in China, just days before it was expected to launch officially.
Shares of Alibaba shares in Hong Kong also fell 0.1%. Reuters reported Friday that China's central bank has accepted Alibaba-affiliate Ant Group's application to form a financial holding firm, reviving hopes for a potential public listing for Ant.
Korea's market sank with shares of industry heavyweight Samsung Electronics declining and chipmaker SK Hynix both declining close to 2% each.
The Australian dollar changed hands at $0.6981 after dropping late last week from above $0.70.
In Shanghai, the CSI 300 jumped 21.39 points, or 0.5%, to 4,330.43
China's one-year and five-year loan prime rates were both left unchanged on Monday. That matched the forecast in a Reuters poll, where a vast majority of respondents had predicted no change to both the one-year or the five-year LPRs.
In other markets
In Singapore, the Straits Times Index eked lower 1.69 points, or 0.1%, to 3,096.40.
In Taiwan, the Taiex index dumped 273.68 points, or 2%, to 15,367.58.
In Korea, the Kospi gave back 49.9 points, or 2%, to 2,391.03.
In New Zealand, the NZX 50 removed 0.98 points to 10,588.20.
In Australia, dropped 41.93 points, or 0.6%, to 6,433.37.


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