Asian Markets Started the Week Mixed Amid Light Trading

 

Asian markets started the week with a mixed performance on Monday (Dec. 30). Trades were weighed down by elevated Treasury yields that kept the dollar near multi-month highs. Trading volumes were shrunk, as many countries did not release economic data with the New Year holiday approaching, except for China. China’s PMI factory surveys will come out on Tuesday.

 

Japan's Nikkei 225 declined 0.96% as the dollar rose against the yen, to 157.83 yen from 157.75 yen. But, Nikkei 225 held a strong 20% gain for 2024. On New Year's Day, Japan's market will hold a year-end ceremony to conclude trading for 2024.

 

South Korea's KOSPI dipped 0.22% as ongoing political turbulence has left the index down 9% for 2024. The update on turbulence is that law enforcement officials asked a court to issue a detention warrant for impeached President Yoon Suk Yeol on Monday. The plunge in shares of Jeju Air Co. (KRX: 089590) after a crash killed 179 people when one of its jets landed on Sunday is also a factor.

 

China had a varied trend. The blue-chip CSI 300 rose 0.3%, continuing its positive trend with a 16% gain for the year, most of which came after Beijing’s stimulus announcements in September. Hong Kong's Hang Seng fell 0.24%, while the Shanghai Composite Index gained 0.21%.

 

As of 4:05 p.m. in Singapore, Singapore's Straits Times index rose 0.35%. FTSE Bursa Malaysia KLCI rose 0.50%.