SEOUL, December 01 (AJP) - Asian stock markets closed mixed on Monday, with Japanese shares tumbling on renewed speculation that the Bank of Japan may soon raise interest rates.
In Seoul, the benchmark KOSPI slipped 0.2 percent to 3,920.37, while the tech-heavy KOSDAQ rose 1.1 percent to 922.38. Institutional investors offloaded a net 233 billion won ($158 million) worth of shares, outweighing net purchases of 53 billion won by retail investors and 216 billion won by foreigners.
The KOSPI opened 1.1 percent higher at 3,967.92 and climbed to 3,977.31 early in the session, but momentum faded after BOJ Governor Kazuo Ueda signaled the possibility of a rate increase. The index fluctuated between gains and losses before ending slightly lower.
Large-cap chipmakers were mixed. Samsung Electronics edged up 0.3 percent to 100,800 won ($69), and SK hynix gained 1.5 percent to 538,000 won. Battery maker LG Energy Solution advanced 1.2 percent, while Samsung Biologics rose 2.6 percent.
Automakers underperformed: Hyundai Motor fell 2.7 percent to 254,500 won, and Kia dropped 1.6 percent to 112,300 won.
Shares of e-commerce giant Coupang, hit by the largest-ever consumer data leak, tumbled in New York pre-market trading, falling about 9 percent to $25.60 as of 3:30 a.m. EST.
Japan’s Nikkei 225 dropped 1.9 percent to 49,303.28, pressured by broad declines in major blue chips. Toyota fell 1.6 percent, Sony lost 3.5 percent, SoftBank slipped 1.7 percent, Nintendo dropped 1.6 percent, and Honda slid 2.4 percent.
Market expectations for a BOJ policy shift intensified after Ueda said he would “make an appropriate judgment” on a rate hike. The central bank meets on Dec. 18–19. Local media reported that a move from the current 0.5 percent benchmark to 0.75 percent is under consideration. Ueda’s remarks pushed bond yields higher, strengthened the yen and weighed on equity markets.
China’s Shanghai Composite Index bucked the regional trend, rising 0.7 percent to 3,914.01.
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