Mixed Day in Asia as Real Estate Slides

Shares in Asia-Pacific were mixed on Tuesday, as Hong Kong-listed shares of Chinese real estate firms fell amid renewed fears.

The Nikkei 225 index in Tokyo stepped back 126.18 points, or 2.6%, to 29,520.90.

The Japanese yen traded at 113.66 per U.S. dollar, stronger than levels around 114.4 seen against the greenback yesterday.

In Hong Kong, the Hang Seng lost 54.65 points, or 0.2%, to 25,099.67.

By the market close in Hong Kong, China Evergrande Group’s stock fell 2.9% while China Vanke tanked by 4%, while Sunac China Holdings plunged 9.6%.

Elsewhere, South Korea’s Kospi jumped, leading gains among the region’s major markets as shares of industry heavyweight Samsung Electronics jumped 2.3%.

The Reserve Bank of Australia on Tuesday announced its decision to keep its cash rate target unchanged but decided to stop its target of 10 basis points for the April 2024 Australian Government Bond.

Following the RBA’s announcement, the Australian dollar fell to $0.7463 against an earlier high of $0.7532.

In other markets

In China, the CSI 300 sank 50.84 points, or 1%, to 4,839.05.

In Taiwan, the Taiex deleted 2.27 points to 17,065.97.

In Korea, the Kospi index gained 34.55 points, or 1.2%, to 3,013.49.

In Singapore, the Straits Times hiked 13.32 points, or 0.4%, to 3,232.37

In New Zealand the NZX 50 dropped 37.81 points, or 0.3%, to 12,992.50

In Australia, the ASX 200 slid 46/45 points, or 0.6%, at 7,324.32.