Asia-Pacific markets traded mixed Tuesday as investors digested China’s central bank decision to cut lending rates.
In Japan, the Nikkei 225 edged up 18.49 points, or 1%, to 33,388.91, dragged by health-care and technology stocks.
In Hong Kong, the Hang Seng plummeted 305.81 points, or 1.5%, to 19,607.08.
Shares of EC Healthcare plunged by more than 8% on weak earnings estimates, marking their lowest point since June 2.
Alibaba group companies also fell sharply, with Alibaba Health Information Technology dropping 3% and Alibaba Group Holdings shedding nearly 2% following the announcement of its executive re-shuffle.
Australian markets advanced, leading gains in the region and marking a seven-day winning streak.
CHINA
In China, the CSI 300 index retreated 6.67 points, or 0.2%, to 3,924.24.
The People’s Bank of China elected to cut its one-year and five-year loan prime rate by 10 basis points to 3.55% and five-year loan rates by 10 basis points to 4.20%. The move comes after the central bank cut some of its key lending rates last week.
In other markets
In Korea, the Kospi Index handed over 4.59 points, or 0.2%, to 2,604.91.
In Taiwan, the Taiex index declined 89.65 points, or 0.5%, to 17,184.91.
In Singapore, the Straits Times index subtracted 20.94 points, or 0.7%, to 3,220.83.
In New Zealand, the NZX 50 gained 38.63 points, or 0.3%, to 11,789.37.
In Australia, ASX 200 hiked 62.94 points, or 0.9%, to 7,357.83.
