Asian markets ended on a mixed note Monday, but Chinese stocks brushed aside a fifth interest-rate hike this year to finish at a record on the back of insurers such as Ping An Insurance Co. and airlines such as Air China.
In Tokyo, markets were closed Monday for Respect for the Aged Day, a national holiday. Markets reopen Tuesday while in Hong Kong, the blue chip Hang Seng Index fell 1.2 percent to 24,599.34.
China's Shanghai Composite jumped 2.1% to a record finish of 5,421.39, even as the People's Bank of China late Friday announced a 0.27-percentage-point increase in interest rates on both deposits and loans, to try to control soaring inflation.
Some analysts, however, said Beijing wasn't tightening its monetary policy enough.
ELSEWHERE:
JAKARTA: The main index lost 0.1 percent to close at 2,223.22 points on the Jakarta Stock Exchange.
KUALA LUMPUR: Malaysia's benchmark index for the Kuala Lumpur stock exchange dropped 0.9 percent in thin volume to 1,278.34.
MANILA: Philippine shares advanced Monday as investors snapped up blue chips ahead of a meeting of the U.S. Federal Reserve. The 30-company Philippine Stock Exchange Index gained 12.88 points, or 0.4 percent, to 3,307.43, adding to Friday's 0.2 percent rise.
SEOUL: South Korea's Korea Composite Stock Price Index, or Kospi, rose 0.09 percent to 1,871.68 as traders waited for the results of Tuesday's U.S. Fed meeting. Trading is expected to remain subdued Tuesday as well.
SINGAPORE: The Straits Timex Index lost 1.7 percent to close at 8,899.91.
TAIPEI: Taiwan shares fell Monday as investors stayed on the sidelines ahead of the U.S. Federal Reserve meeting on interest rates this week. The Weighted Price Index of the Taiwan Stock Exchange dropped 131.72 points, or 1.46 percent, to 8899.91.
WELLINGTON: New Zealand's NZX 50 index inched 0.15 percent higher to 4,168.72.
SYDNEY: Australia's S&P/ASX 200 index fell 0.6 percent to 6,271.4.
with files from other wire services
