Stocks in Asia-Pacific were mixed on Monday as investors watched moves in the Turkish lira following a sudden upheaval at the country’s central bank.
The Nikkei 225 continued its downward momentum, losing 617.9 points, or 2.1%, to 29,715.18.
In corporate developments, Japanese chipmaker Renesas Electronics’ shares plunged 4.9% on Monday. The firm announced over the weekend that it will take at least a month to restart production at a facility that was damaged by fire on Friday. That development came as the world already faces a global chip shortage.
Automakers in Japan, among the firms affected by the chip scarcity, also fell on Monday. Toyota dropped 3.3%, Nissan slipped 3.7% and Honda declined 3.6%.
The Japanese yen traded at 108.68 per U.S. dollar, stronger than levels above 109.2 against the greenback seen last week.
In Hong Kong, the Hang Seng dropped 105.6 points, or 0.4%, to 28,885.34.
Meanwhile, trading of Capitaland shares in Singapore was paused on Monday. The firm announced a proposed restructuring that would include a consolidation of its investment management platforms and lodging business into CapitaLand Investment Management, set to be listed on the Singapore Exchange.
The Australian dollar changed hands at $0.7722, lower than levels above $0.78 seen last week.
CHINA
In China, the CSI 300 regained 50.06 points, or 1%, to 5,057.15.
China’s one-year Loan Prime Rate (LPR) stayed at 3.85%,. and five-year LPR was left unchanged at 4.65%, on Monday. That was in line with expectations from majority of traders and analysts in a snap Reuters poll.
In other markets
In China, the CSI 300 regained 50.06 points, or 1%, to 5,057.15.
In Taiwan, the Taiex recovered 118.98 points, or 0.7%, to 16,189.22.
In Korea, the Kospi index dipped 4.07 points, or 0.1%, to 3,035.46.
In Singapore, the Straits Times index reversed 6.46 points, or 0.2%, to 3,128.08.
In New Zealand, the NZX 50 slid 186.13 points, or 1.5%, to 12,329.09
In Australia, the ASX 200 restocked 44.23 points, or 0.7%, to 6,752.46.
