Mixed but Tokyo falls

HONG KONG: Asian stock markets were mixed yesterday but Tokyo closed lower after the Bank of Japan cut its growth outlook and announced monetary easing that was only slightly bigger than market forecasts.
With US markets closed because of Hurricane Sandy, Wall Street gave regional investors no leads.
Tokyo stocks closed down after the Bank of Japan (BoJ) announced fresh easing measures while chopping its growth outlook for Japan’s economy.
The benchmark Nikkei 225 Index fell 0.98 per cent, or 87.36 points, to close at 8,841.98, its lowest finish in about two weeks, while the broader Topix index of all first-section shares lost 0.92 per cent, or 6.84 points, to 733.46.
“Any way you slice it, 10 trillion yen worth of buying in September, and now 11 trillion this month adds up to a great deal of easing,” said CLSA equity strategist Nicholas Smith.
Developers were the main gainers in Shanghai as Chinese shares closed higher. The benchmark Shanghai Composite Index rose 0.17 per cent, or 3.41 point,s to 2,062.35.
“Major developers’ satisfactory sales performance this year and accelerated land purchases should provide good support to their share price performance,” CIMB Securities analyst Johnson Hu told Dow Jones Newswires.
Seoul closed 0.43 per cent higher, up 8.06 points to 1,899.58. Sydney rose 0.20 per cent or 8.8 points, to 4,485.7.
In other markets:
* Taipei rose 1.28 per cent, or 90.92 points, to 7,182.59.
* Manila closed 0.54 per cent higher, gaining 29.25 points to 5,426.67.
* Bangkok rose 1.16 per cent, or 14.86 points, to 1,294.43.
* Jakarta rose 0.77 per cent, or 33.23 points, to 4,364.60.
* Mumbai fell 204.97 points, or 1.10 per cent, to 18,430.85. AFP*

Business Times : marketwatch

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