Stocks in Asia steady despite South Korean, New Zealand rate spikes

Lola Evans
25 Nov 2021, 16:58 GMT+10

Asian stocks weathered the heightening yield regime which appears to be gaining momentum.
On Thursday South Korea's Central Bank raised official interest rates to 1 percent.
South Korea's Kospi Composite sagged 10.58 points or 0.35 percent to close Thursday at 2,983.71.

SYDNEY, NSW, Australia - Asian stocks weathered the heightening yield regime which appears to be gaining momentum.

On Thursday South Korea's Central Bank raised official interest rates to 1 percent. This follows a move by the Reserve Bank of New Zealand a day earlier which raised rates for the second month in a row. The official cash rate in New Zealand was increased by 50 basis points to 0.75 percent.

South Korea's Kospi Composite sagged 10.58 points or 0.35 percent to close Thursday at 2,983.71.

In Japan, the Nikkei 225 climbed 196.62 points or 0.67 percent to 29,499.28.

The Australian All Ordinaries garnered 11.40 points or 0.15 percent to 7,736.90.

The Hang Seng in Hong Kong gained 54.66 points or 0.22 percent to close Thursday at 24,740.16.

China's Shanghai Composite finished down 8.52 points or 0.24 percent at 3,584.18.

The U.S. dollar gave up some of its gains from overnight, with the euro edging up to 1.1213, approaching the Sydney close, Thursday.

The British pound was a fraction higher at 1.3349. The Japanese yen inched up to 115.39. The Swiss franc firmed to 0.9336.

The Canadian was marginally higher at 1.2649. The Australian dollar gained a few points to 0.7204. The N ew Zealand dollar saw some demand, rising a quarter-cent to 0.6870.

Overnight on Wall Street, the Dow Jones closed down 9.42 points, or 0.03 percent at 35,804.38.

The Nasdaq Composite gained 70.04 points or 0.44 percent to 15,845.23.

The Standard and Poor's 500 advanced 10.76 points or 0.23 percent to 47,011.46.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.

More Information

7 ℃

Fair in Shanghai/Hongqiao

International

Section

Taliban stop women from appearing on TV dramas

KABUL, Afghanistan: Under new rules imposed by the Taliban government, women have been banned from appearing on television dramas in ...

Bangladeshi NGO smuggles girls to India as sex slaves

DHAKA, Bangladesh - On Tuesday, a Bangladeshi Vijay Dutt (40), known as 'Momin,' was apprehended for running a sex racket ...

Mexican authorities discover over 400 migrants traveling in trailers

VERACRUZ, Mexico: Mexican authorities discovered more than 400 migrants in the back of two semi-trailers on November 19, traveling near ...

Opening new era, 43 ft. tall Astra rocket in orbit for US military

KODIAK ISLAND, Alaska: California rocket start-up Astra successfully sent a payload into orbit atop its 43 foot rocket on November ...

COVID-19 restrictions spark riots in Guadeloupe

BASSE-TERRE, Guadeloupe: Protests against COVID-19 restrictions erupted into rioting and looting for the third consecutive day on the Caribbean island ...

After opening Taiwan office, China downgrades relations with Lithuania

VILNIUS, Lithuania: China has downgraded its diplomatic ties with Lithuania from ambassador to charge d'affaires level, in retaliation for Lithuania ...