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Asia-Pacific stocks mixed; Bank of Korea announces rate hike

Soegeefx AppsAsia MarketAsia-Pacific stocks mixed; Bank of Korea announces rate hike

Key Points

  • Asia-Pacific shares were mixed in Thursday trade.
  • The Bank of Korea on Thursday raised its policy rate to 1%, a move that was largely expected by analysts in a Reuters poll.
  • Hong Kong-listed shares of developer Kaisa Group soared more than 12% as they resumed trading following an earlier suspension. Kaisa on Thursday announced an offer to bondholders on exchange their existing bonds with new bonds that have an extended maturity.

SINGAPORE — Shares in Asia-Pacific were mixed in Thursday trade as investors reacted to the Bank of Korea’s rate decision.

South Korea’s Kospi led losses regionally, dipping 0.5%.

The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected by analysts in a Reuters poll.

Following the decision, the Korean won traded 1,190 per dollar, weaker than levels around 1185 seen against the greenback yesterday.

The South Korean central bank’s decision followed a similiar move by the Reverse Bank of New Zealand on Wednesday.

TICKER COMPANY NAME PRICE CHANGE %CHANGE
.N225 Nikkei 225 Index *NIKKEI 29524 221.34 0.76
.HSI Hang Seng Index *HSI 24714.83 29.33 0.12
.AXJO S&P/ASX 200 *ASX 200 7405.4 6 0.08
.SSEC Shanghai *SHANGHAI 3589.18 -3.52 -0.1
.KS11 KOSPI Index *KOSPI 2983.33 -10.96 -0.37
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 10151.71 10.42 0.1

In Hong Kong, the Hang Seng index shed 0.21%. Shares of developer Kaisa Group soared more than 12% as they resumed trading. Kaisa on Thursday announced an offer to bondholders to exchange their existing bonds with new bonds that have an extended maturity.

Mainland Chinese stocks were muted, with both the Shanghai composite and Shenzhen component trading close to the flatline.

Elsewhere in Japan, the Nikkei 225 gained 0.61% while the Topix index advanced 0.33%.

Australian stocks wavered between positive and negative territory, with the S&P/ASX 200 last sitting fractionally lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.16% lower.

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Overnight stateside, the S&P 500 climbed 0.23% to 4,701.46 while the tech-heavy Nasdaq Composite advanced 0.44% to 15,845.23. The Dow Jones Industrial Average lagged, dipping 9.42 points to 35,804.38.

Currencies and oil

The US dollar index, which tracks the greenback against a basket of its peers, was at 96.755 following its climb from levels below 96.5 earlier in the week.

The Japanese yen traded at 115.35 per dollar, weaker than levels below 114.5 seen against the greenback earlier this week. The Australian dollar was at $0.7204, still off levels above $0.724 seen earlier in the trading week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.22% to $82.43 per barrel. US crude futures gained 0.14% to $78.50 per barrel.

Source : CNBC

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