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As the sun sets over Gangnam’s bustling business district in Seoul, a mesmerizing dance of light trails marks the frenetic pace of traffic. This iconic scene captures the energy that defines South Korea’s capital, a city at the heart of Asia-Pacific’s dynamic markets.
In today’s trading, markets across the Asia-Pacific region presented a mixed picture, as investors grappled with the latest decision from the Bank of Korea. The central bank opted to maintain its benchmark interest rate at 2.50%, aligning with forecasts from Reuters. This decision comes amidst a weakening of the won, which has limited the scope for further policy easing.
Despite these challenges, South Korea’s financial markets saw a significant uptick. The Kospi, the country’s primary stock index, surged by 1.58%, reaching a new historic peak at 4,797.55. Meanwhile, the Kosdaq, which tracks smaller-cap companies, also climbed 0.95%, closing the day at 951.16. However, the South Korean won experienced a slight depreciation, losing about 0.2% to settle at 1,466.6 per dollar.
Elsewhere in the region, Japan’s stock markets showed varied results. The Nikkei 225 faced a decline, slipping 0.42% to 54,110.5. In contrast, the Topix index managed to post a gain of 0.68%, reaching 3,668.98. Over in Australia, the S&P/ASX 200 shared in the positive momentum, advancing 0.47% to close at 8,861.7.
The country’s benchmark Kospi jumped 1.58% to a record high of 4,797.55, while the small-cap Kosdaq rose 0.95% to end the trading day at 951.16. The South Korean won weakened around 0.2% to 1,466.6 against the dollar.
The Nikkei 225 declined 0.42% to 54,110.5, while the Topix added 0.68% to 3,668.98. Australia’s S&P/ASX 200 rose 0.47% to 8,861.7.
Shares of Toyota Industries jumped 5.8% after Toyota Motors said late Wednesday it had agreed to increase its bid for Toyota Industries to 18,800 yen ($118.11) a share.
Hong Kong’s Hang Seng index lost 0.66%, while CSI 300 fell 0.42%.
Shares of Trip.com fell as much as 21%, making it the worst bottom mover on the Hong Kong index, after China’s market regulator said on Wednesday it had opened an investigation into the online travel platform over suspected monopolistic behavior. The company last traded 17.2% lower.
The Japanese yen strengthened marginally to 158.34 against the dollar. Markets are watching for possible intervention by Japanese authorities after the currency slid to an 18-month low earlier this week.
Indian markets were closed for a holiday.
Overnight in the U.S., stocks fell for a second session, pulling back further from record levels, as traders digested a fresh batch of earnings and monitored geopolitical developments.
The S&P 500 dropped 0.53% and closed at 6,926.60. The Dow Jones Industrial Average lost 42.36 points, or 0.09%, and ended at 49,149.63. The Nasdaq Composite shed 1%, settling at 23,471.75. It was the second consecutive day of losses for all three indexes.
Tech bogged down the broader market. Chip stocks in particular suffered losses, as Broadcom fell 4% and Nvidia and Micron Technology slid more than 1% each. On Wednesday, Reuters, citing people briefed on the matter, reported that Chinese customs authorities have advised customs agents that Nvidia’s H200 chips are not permitted to enter the country.
— CNBC’s Sean Conlon and Pia Singh contributed to this report.
