SEOUL, December 03 (AJP) - Asian equity markets ended mixed on Wednesday, with South Korea, Japan and Taiwan advancing on rising expectations of a U.S. interest rate cut, while China-related indices slid across the board amid renewed recession worries.
The Korean won closed at 1,467.8 per dollar, up 1.7 won, supported by sustained foreign and institutional buying on the KOSPI and what traders described as “steady, visible intervention” by financial institutions and FX authorities.
Government bond yields rose broadly, with the three-year sovereign yield finishing 1.9 basis points higher at 3.041 percent in the afternoon session.
South Korea’s benchmark KOSPI climbed 1.04 percent to 4,036.30, reclaiming the 4,000-point threshold as a two-day rally gained traction. Institutions led the gains with 756.5 billion won ($515 million) in net purchases, followed by foreign investors who bought a net 159 billion won. Retail investors took profits, selling 898.7 billion won.
Market leaders were mixed. Samsung Electronics rose 1.06 percent to 104,500 won, extending gains for a second day. SK hynix slipped 1.08 percent to 552,000 won after its Japanese NAND affiliate Kioxia posted weaker-than-expected earnings.
Samsung C&T closed 9.35 percent higher at 245,500 won following news that Hong Ra-hee, former director of the Leeum Museum of Art, completely gifted her entire stake in the company to her son and Samsung Group Chairman Lee Jae-yong. Hong's decision raised expectations that Chairman Lee's management control defense line would be significantly strengthened, leading the Samsung Group to pursue a more consistent strategy.
Nuclear-energy names also spiked after U.S. Commerce Secretary Howard Lutnick said Washington would prioritize nuclear plant projects funded jointly with Korea and Japan. Hyundai Engineering & Construction jumped 6.98 percent to 70,500 won, while Doosan Enerbility rose 4.53 percent to 78,400 won.
Theme stocks related to the Seoul Express Bus Terminal redevelopment surged after the Seoul Metropolitan Government selected the developer for the project. Chunil Express, the second largest shareholder of the terminal, surged 29.97 percent to 399,000 won, and Shinsegae, the selected developer, closed 4.19 percent higher at 248,500 won. Chunil Express, however, has been designated as an investment warning stock after seeing an extraordinary surge of over 700 percent since November 18, despite the official start of the development project being yet to commence.
Japan’s Nikkei 225 rose 1.14 percent to 49,864.68, led by semiconductor-related names.
Advantest soared 5.3 percent to 20,860 yen ($134.13), and Tokyo Electron gained 4.73 percent to 32,780 yen. Kioxia Holdings slid 2.24 percent to 9,011 yen on disappointing earnings.
Export-heavy autos fell as a BOJ rate hike appeared increasingly probable, with Toyota down 1.31 percent at 3,005 yen and Honda off 0.76 percent at 1,504 yen.
Taiwan’s TAIEX gained 0.83 percent to 27,793.04 after signals of a nearing U.S. rate cut buoyed risk sentiment.
TSMC, which represents more than 40 percent of the market, climbed 1.4 percent to 1,450 Taiwan dollars ($46.32). MediaTek fell 1.06 percent to 1,400 Taiwan dollars as profit-taking continued for a second day.
Chinese markets weakened uniformly. The latest manufacturing PMI contracted for an eighth straight month, reinforcing concerns that China remains trapped in recessionary conditions.
The Shanghai Composite Index fell 0.51 percent to 3,878, while the Shenzhen Component slipped 0.78 percent to 12,955.25. Hong Kong’s Hang Seng Index traded 1.23 percent lower at 25,773 as of 4:30 p.m.
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