Asian markets on October 8 presented a mixed performance, with Hong Kong’s Hang Seng Index making headlines for its steepest one-day drop in 16 years, plummeting by 9.41% to close at 20,926.79. This dramatic decline wiped out gains from the previous day, where the index had surged to a 32-month high. Investors took profits, expressing concern over the effectiveness of China’s economic stimulus measures, especially as sluggishness in the real estate sector continued to weigh heavily on the market.
While the Hang Seng was the standout in terms of losses, other Asian indices also reflected varying trends. Japan’s Nikkei 225 fell by 1%, closing at 38,937.54, largely due to weaker household spending data and concerns over corporate earnings. South Korea’s Kospi similarly dipped by 0.61%, closing at 2,594.36, as key players like Samsung Electronics projected lower-than-expected profits for the third quarter.
In contrast, China’s mainland markets showed strength. The Shanghai Composite Index surged by 4.59%, closing at 3,489.78, while the Shenzhen Index rose by an impressive 9.17%. This was attributed to optimism surrounding the Chinese government’s economic stimulus policies aimed at supporting growth, particularly in sectors beyond real estate.
Key Market Movements:
- Hang Seng Index: Down 9.41%, closing at 20,926.79.
- Nikkei 225: Fell 1%, closing at 38,937.54.
- Kospi: Dropped 0.61%, closing at 2,594.36.
- Shanghai Composite: Rose by 4.59%, closing at 3,489.78.
- Shenzhen Index: Jumped 9.17%, closing at 11,495.10.
The Indian Nifty 50 index managed to buck the trend, rising by 0.88% to close at 25,013.15. Meanwhile, other markets like Australia’s ASX 200 saw a slight decline of 0.35%, and Singapore’s STI dropped by 0.65%.
Investors across Asia are now closely monitoring how China’s National Development and Reform Commission’s expected measures will impact regional markets. As global economic uncertainties and local challenges continue to influence trading, the volatility seen today could be an indicator of the unpredictable road ahead.
