People walk along a promenade next to Victoria harbour in Hong Kong on August 31, 2023, a day before the arrival of Typhoon Saola. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
Isaac Lawrence | Afp | Getty Images
Asia-Pacific markets largely rose as China’s factory activity for August expanded and the central bank announced a cut in reserve requirements to boost the economy.
Chinese stocks traded higher after China’s factory activity expanded in August, surprising on the upside, according to a private-sector survey. The CSI 300 was up 0.66%, while the Shanghai Composite traded higher by about 0.4% and the Shenzhen Component rose 0.34%
The Caixin/S&P global manufacturing purchasing managers’ index rose to 51.0 in August, better than the 49.3 that analysts polled by Reuters expected.
Also on Friday, the People Bank of China said it would reduce the foreign exchange reserve requirement ratio for financial institutions by 200 basis points — starting from Sept. 15.
In Australia, the S&P/ASX 200 lost 0.37%, snapping a four-day winning streak to end at 7,278.3 on Friday. South Korea’s Kospi rose 0.29% and closed at 2,563.71, while the Kosdaq declined 0.93% to end at 919.74.
In Japan, the Nikkei 225 was up 0.28% to close at 32,710.62, while the Topix climbed 0.76% to finish at 2,349.75.
Hong Kong’s financial markets, schools and most businesses were closed Friday as the Asian financial hub braced for Super Typhoon Saola. “All trading sessions today [Friday] in the securities and derivatives markets, including after-hours trading session, have been canceled,” Hong Kong Exchanges & Clearing said.
As of 1.45 p.m. Singapore/Hong Kong time, the Hong Kong Observatory maintained that the Storm Signal No. 8 was still in force, and added that depending on the changes in local winds, a higher tropical cyclone warning signal could be issued between 6 p.m. and 10 p.m. Hong Kong time.
Singapore’s financial markets will be closed today as the country heads to the polls to vote for its ninth president.
Overnight in the U.S., the Dow Jones Industrial Average fell by about 168 points, or 0.5%, to close at 34,721.91. The S&P 500 ticked down nearly 0.2% to 4,507.66. The Nasdaq Composite ticked higher at the closing bell, but still suffers worst month in 2023.
