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asia-pacific stocks

Asia-Pacific Stocks Down as China Trims Prime Lending Rate

On Monday, Asia-Pacific stocks traded in the negative territory as China trimmed its benchmark one-year loan prime rate from 3.85% to 3.80%. 

Remarkably, this is the first move of the People’s Bank of China since the onset of the pandemic. 

Chinese mainland stocks sharply plunged, with the Shanghai Composite index 0.82% or 29.62 points to $3,602.74 per share. 

Then, Beijing Sifang Automation, a leading local smart-grid equipment supplier, slumped 8.47% or 0.32 points to $3.45 per share. 

In addition, media company Inmyshow Digital skidded 7.48% or 0.16 points to $2.01 per share. 

Correspondingly, the Shenzhen Component index plunged 1.08% or 160.77 points to $14,706.78 per share. 

At the bottom of the index, electrical equipment firm Qingdao TGOOD slashed 11.67% or 0.56 points to $3.97 per share. 

Likewise, Zhejiang Jinke, a renowned seller of oxygenated series bleaching agents, lost 8.97% or 0.09 points to $0.84 per share.

In Hong Kong, the benchmark Hang Seng posted a drop of 1.51% of 370.51 points to $22,839.00 per share in the Asia-Pacific stocks. 

Accordingly, Xinyi, one of the world’s leading integrated glass manufacturers, decreased 6.98% or 0.17 points to $2.25 per share. 

At the same time, internet technology company NetEase fluctuated 4.30% or 0.86 points to $18.81 per share. 

Moreover, market participants remained concerned about the rapid spread of the Omicron variant worldwide. 

Japanese Shares Led Losses in Asia-Pacific Stocks

Japanese shares led losses as among the Asia-Pacific stocks. The Nikkei 225 index sharply declined 2.07% or 592.05 points to $27,953.63 per share. 

Consequently, the TOPIX index reduced 2.00% or 39.75 points to $1,944.72 per share. 

Elsewhere, South Korea’s KOSPI trimmed 1.61% or 48.63 points to $2,969.10 per share. 

In Australia, the S&P/ASX 200 index decreased 0.16% or 11.80 points to $7,292.20 per share. 

Furthermore, MSCI’s broadest index of Asia-Pacific stocks outside Japan edged down 1.64% or 10.16 points to $608.97 per share.

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