Asian stock markets close mixed on Monday

By Tuba Sahin

ANKARA (AA) – Major Asian stock markets closed mixed on Monday as economic data from the region raised growth concerns ahead of a US Federal Reserve monetary policy meeting.

The Fed is expected to deliver another rate hike of 75 basis points on Wednesday after raising interest rates by a total of 300 points since March to tame record inflation.

The Asia Dow, which includes blue-chip companies in the region, rose 1.27%, or 35.27 points, to 2,812.18 on Monday.

Tokyo's Nikkei 225 stock exchange rose 1.78%, or 482.26 points, to 27,587.46.

The Japanese Finance Ministry revealed on Monday that the country spent a record 6.35 trillion yen ($43 billion) for multiple interventions to prevent its currency from depreciating against the greenback. While the Bank of Japan pursues an ultra-loose monetary policy, the Fed is expected to continue monetary tightening.

Japan's industrial output fell more than expected in October, down 1.6% compared to last month, according to provisional data from the Economy, Trade and Industry Ministry on Monday.

Its retail sales increased for the seventh month in a row, surging 4.5% year-on-year in September, the ministry said.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, lost 1.18%, or 176.04 points, to 14,687.

Hong Kong's economy unexpectedly contracted 4.5% year-on-year in the third quarter of 2022, while market estimate was a 0.7% growth, according to preliminary estimates on Monday.

China's Shanghai Stock Exchange fell 0.77%, or 22.44 points, to close at 2,893.48.

Chinese manufacturing activity contracted in October as the National Bureau of Statistics' manufacturing purchasing managers index dropped to 49.2 in the month amid COVID-19 restrictions in several Chinese cities, official data showed on Monday.

The Indian Sensex benchmark rose 1.31%, or 786.74 points, to 60,746.59, while the Singapore index climbed 1.11%, or 33.92 points, to finish the day at 3,093.11.