(MENAFN– ecpulse)
Asian stocks ended Tuesday’s session with modest gains following the US government shutdown, the first in 17 years due to budget stalemate, which forces hundreds of thousands of government employees to stay home without any pay.
Volumes are thinner-that-normal as the Chinese markets are shut until October 7 for the week-long Golden Week holiday. Yet China released the PMI manufacturing for September which rose to 51.1, below expectations of 51.5.
- The MSCI Asia Pacific Index rose 0.3% to 139.00 as of 16:22 in Tokyo
In Japan the benchmark index rose in the early session by 1% on a weaker yen that supported exporters, while sentiment improved among Japanese big manufactures according to Tnakan survey.
Yet gains were pared after Prime Minister Shinzo Abe decided to raise the national sales tax to 8% from 5% next April. Now investors expect a huge stimulus package worth $50 billion to help mitigate the tax hike impact.
- Nikkei 225 closed 0.20% higher at 14484.72
- Topix closed 0.06% lower at 1193.44
In Australia the benchmark index ended lower after the Reserve Bank of Australia left its main cash rate steady at a record low of 2.5% as the bank expects below-trend growth to continue in the near term. Energy producers also weighed on the index.
In South Korea the benchmark index advanced due to strong foreign inflows. Gains however were limited on the back of lackluster economic reports as the central bank showed September exports falling 1.5% from a year ago.
- The S&P/ASX 200 closed 0.23% lower at 5206.80
- Kospi closed 0.10% higher at 1998.87
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