FX.co ★ Asian stocks trade mixed

The main indices of the Asia-Pacific region are mixed again. Some of the indicators are rising. Among them are China's Shanghai Composite and Shenzhen Composite indices. They increased by 0.96% and 0.8% respectively. In addition, Hong Kong's Hang Seng index gained 0.95%. The rest of the indicators are down, with Korea's KOSPI shedding 0.02%, Japan's Nikkei 225 losing 0.06%, and Australia's S&P/ASX 200 falling by 0.55%.

One of the reasons for such mixed dynamics was a recent decline in US stock indices. In the US, the most important issue for traders is still interest rate hikes and rising inflation.

Although some Fed officials note that inflation is starting to pay off. Nevertheless, they believe the fight against inflation is far from done.

At the same time, investors are positive about the prospects for a recovery in the Chinese economy after the easing of anti-virus restrictions in the country. Also, one of the rating agencies said yesterday that it revised its forecast for China's economic growth in 2023 to 5.0% from the previous 4.1%.

A rally in Hong Kong's benchmark stock index can be attributed to some companies' stock rise. The securities of Xiaomi Corp. added 6.7%, Sands China Ltd. gained 3.8%, and China Resources Beer (Holdings) Co. Ltd. rose by 3.4%.

At the same time, other major stocks lost value, with Baidu shedding 4.5% and Meituan losing 0.3%.

A decline in the Japanese Nikkei 225 was caused by a fall in shares of Meiji Holdings Co. Ltd. (by 4.9%), Yamato Holdings Co. Ltd. (by 2.5%), as well as Isetan Mitsukoshi Holdings Ltd. (by 2.4%).

Nissan Motor and Sony were down by 0.17% and 0.08% respectively, while Fast Retailing gained 0.05%.

The components of the Korean KOSPI traded mixed as well. BK Tops Co. turned out to be the worst performer, whose shares dropped by 24.6% at once. At the same time, Samsung Electronics added 0.16% and Hyundai Motor rose by 0.2%.

The components of the main Australian index also moved in different directions: BHP gained 0.04%, while Rio Tinto lost 0.27%.