Market Updates
Asian Indexes Slip In Cautious Trading, South Korea's GDP Expands
Arjun Pandit
26 Jul, 2022
New York City
The Nikkei average eased 0.16% to 27,655.21 and the broader Topix index closed fractionally lower at 1,943.17.
The latest minutes of the meeting from the Bank of Japan highlighted the need to monitor the impact of the moves in the financial and currency markets on the broader economy.
SoftBank Group increased 3.2% to 9,984.20 yen and the company called off its plan to invest $1.6 billion in the U.K. based e-commerce company The Hut Group.
In broader trading in Tokyo, pharmaceutical and shipping sector stocks led the decliners.
The Shanghai Composite index rose 0.83% to 3,277.44 after local media reported that the financial and housing authorities are working together to establish a bailout fund for select real estate projects.
Hong Kong's Hang Seng index advanced 1.67% to 20,905.88 and Alibaba Group said it is looking for ways to make its Hong Kong traded shares more accessible to mainland Chinese investors.
The Kospi average inched higher 0.39% to 2,412.96 after South Korea's GDP expanded seasonally adjusted 2.9% from a year ago in the second quarter ending in June.
On a quarterly basis, the economy expanded unexpectedly at a faster pace 0.7% from the first quarter.
Economists were expecting the economy to grow at a 0.4% rate on a quarterly basis and 2.5% annually.
The Sensex index in Mumbai fell 497.73 or 0.89% to 55,268.49 and the Nifty index declined 147.15 or 0.88% to 16,483.85.
Despite the banks, vehicle makers and industrial companies reporting a surge in earnings, investors sold stocks ahead of the U.S. Fed's rate decision tomorrow.
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