Asian shares slug­gish amid China rate hike wor­ries

The Pak Banker - - International3 -

SEOUL: Stock mar­kets in Asia were mixed Tues­day as a stronger yen helped pushed down big name Ja­panese ex­porters and wor­ries about a pos­si­ble in­ter­est rate hike in China damped sen­ti­ment.

Ja­pan's Nikkei 225 stock av­er­age fell 0.2 per­cent to 10,147.36. In­vestors sold shares of Ja­panese ex­porters as the yen climbed against the dol­lar. A stronger yen re­duces the value of ex­porters' over­seas prof­its when repa­tri­ated. Sony Corp. was down 1.2 per­cent, while Honda Mo­tor Co. fell 1.8 per­cent.

China's bench­mark Shang­hai Com­pos­ite in­dex shed 0.5 per­cent to 2,842.73 amid spec­u­la­tion by Chi­nese me­dia that Bei­jing may hike in­ter­est rates soon. China and Ja­pan - Asia's two biggest economies - are fac­ing op­po­site chal­lenges.

Ja­pan is try­ing to bol­ster growth through low in­ter­est rates in the face of per­sis­tent de­fla­tion, or fall­ing prices, and a stub­born head­wind in the form of a strong yen. -PB News

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