On Monday, most Asia-Pacific markets experienced gains following a previous session of declines in major bourses. China maintained its benchmark lending rates, with the one-year loan prime rate, influencing household and corporate loans, remaining at 3.45%, and the five-year benchmark loan rate, affecting most mortgages, at 4.2%.
Japan’s Nikkei 225 briefly touched a 33-year high during the session but struggled to sustain these gains, ultimately closing down 0.59% at 33,388.03. The Topix index also fell by 0.77% to 2,372.6.
In the previous session, Hong Kong stocks led the declines in the Asia-Pacific region, notably impacted by a sharp drop in shares of Alibaba. This decline followed the announcement by the Chinese e-commerce giant that it would not proceed with the full spinoff of its cloud group. Market dynamics continue to be influenced by a mix of economic factors and corporate developments in the region.
Hong Kong’s Hang Seng index rebounded and rose 1.77% in the final hour of trading, while China’s CSI 300 ended 0.23% higher at 3,576.32. a previous session
South Korea’s Kospi rose about 0.86% to close at 2,491.2, while the small-cap Kosdaq saw a larger gain of 1.75% to end at 813.08. In Australia, the S&P/ASX 200 gained 0.13% to finish at 7,058.4.