Korean Declines Lead Losses In Asia
Date
11/29/2024 8:11:29 AM
(MENAFN- Baystreet)
Asia-Pacific markets mostly lost ground on Friday, led by losses in South Korean Stocks after its industrial production declined for a second straight month in October.
In Japan, the NIKKEI 225 index fell 141.03 points, or 0.4%, to 38,208.03.
Investors also assessed November inflation numbers from Japan's capital of Tokyo, which saw its headline inflation rate come in at 2.6%, a rebound from the 1.8% seen in October.
Core inflation, which excludes costs of fresh food, rose to 2.2% compared with Reuters poll expectations of 2.1%.Tokyo's inflation numbers are widely considered to be a leading indicator of nationwide trends.
The yen appreciated to its strongest in five weeks against the U.S. dollar, slipping under the 150 mark.
In Hong Kong, the Hang Seng Index recovered 56.65 points, or 0.3%, to 19,423.61
Korea's industrial production growth fell 0.3% last month compared to September when growth had also fallen by 0.3% month on month.
Industrial production saw a 2.3% increase year on year in October, marking a reversal from the 1.3% fall in September.
CHINA
In Shanghai, the CSI 300 regained 44.03 points, or 1.1%, to 3,916.58.
The moves come as a Reuters poll said China's home prices are expected to fall at a slower pace this year and next, and stabilize in 2026, as support measures are starting to take effect.
In other markets
In Shanghai, the CSI 300 regained 44.03 points, or 1.1%, to 3,916.58.
In Taiwan, the Taiex dropped 36.4 points, or 0.2%, to 22,262.50
In Korea, the Kospi index dumped 48.76 points, or 2%, to 2,455.91.
In Singapore, the Straits Times Index nicked up 2.04 points, or 0.1%, at 3,739.29.
In New Zealand, the NZX 50 restocked 13.36 points, or 0.1%, to 13,066.92
In Australia, the ASX 200 declined 8.11 points, or 0.1%, to 8,436.23.
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