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Graphics by AJP Song Ji-yoon |
SEOUL, January 15 (AJP) — Asian equity markets were mixed on Wednesday, with Japanese stocks pulling back after a powerful start to the year, while Seoul shares held firm despite a more hawkish tilt from the Bank of Korea.
Japan’s Nikkei 225 fell 0.77 percent to 53,923.94 as of 10:23 a.m. local time, as investors locked in profits following an uninterrupted January rally. The recent surge had been fueled by expectations of a snap election that could reinforce Prime Minister Sanae Takaichi’s stimulus-driven policy agenda.
In Seoul, the benchmark KOSPI rose 0.67 percent to 4,754.66, while the tech-heavy KOSDAQ edged down 0.03 percent to 941.90 in early trade. Markets were largely unfazed by the Bank of Korea’s first rate-setting meeting of the year, which kept the base rate unchanged at 2.5 percent for an eighth consecutive month. However, policymakers struck a firmer tone by removing references to “the possibility of a rate cut” in their post-meeting statement, signaling a pause in the easing cycle.
Among large-cap stocks, Samsung Electronics rose 0.07 percent to 140,400 won ($96), while SK hynix slipped 0.81 percent to 736,000 won. Samsung Biologics climbed 2.39 percent to 1,973,000 won, while LG Energy Solution fell 0.39 percent to 388,000 won.
Automakers outperformed, with Hyundai Motor gaining 2.55 percent to 422,000 won and Kia advancing 3.04 percent to 147,350 won.
Shipbuilders and heavy industry shares extended recent gains, led by Hanwha Ocean, which surged 3.80 percent to 147,400 won. HD Hyundai Heavy Industries rose 2.44 percent to 630,000 won.
The U.S. dollar strengthened 3.1 won to 1,469.60, despite rare interventionist rhetoric from the U.S. Treasury Department echoing Seoul’s concerns over excessive volatility while losing slightly against the Japanese yen.
Elsewhere in Asia, China’s Shanghai Composite slipped 0.11 percent to around 4,121.5 in early trading.
Ryu Yuna Reporter Julia37@ajupress.com
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