Hang Seng Lower, Most of Asia Higher

Hong Kong stocks briefly slipped more than 1% while Asia-Pacific markets traded higher on Thursday. The moves came as Singapore tightened monetary policy and Australia announced that its unemployment rate has fallen.

In Japan, the Nikkei 225 gained 164.62 points, or 0.6%, to 26,643.39.
Japan’s Fast Retailing’s net profit for the nine months ending May 31, 2022 grew 57.1%, Reuters reported.
The Japanese yen weakened to 139.21 per U.S. dollar.

In Hong Kong, the Hang Seng index fell 46.79 points, or 0.2%, to 20,797.95.

In economic data, Singapore’s Ministry of Trade and Industry said advance estimates show the country’s gross domestic product grew 4.8% in the second quarter of 2022 compared to the same period a year ago. That’s up from 4% in the first quarter of the year, but lower than the 5.2% growth that analysts in a Reuters poll expected.
The Monetary Authority of Singapore tightened monetary policy in an off-cycle move Thursday. The central bank said it will re-center the mid-point of the exchange rate policy band, known as the Singapore dollar nominal effective exchange rate, up to its prevailing level.
The slope and width of the band will not change, the MAS said. The central bank manages monetary policy through setting the exchange rate and not interest rates.
Singapore markets dropped, while the Singapore dollar rose to 1.4001 against the greenback following the announcement.
Taiwan’s chipmaker TSMC reported a 76.4% increase in net profit in the second quarter. Revenue also jumped 36.6% compared to a year ago. The company’s stock rose about 1% on Thursday.

Australia added 88,400 jobs in June, official data showed, much more than the 30,000 that analysts polled by Reuters predicted.
The country’s unemployment rate was at 3.5%, lower than the 3.8% expected and a 48-year low, Reuters reported.
The Australian dollar changed hands at $0.6757.

In other markets
In Shanghai, the CSI 300 nicked up 0.61 points to 4,322.07.
In Taiwan, the Taiex jumped 113.84 points, or 0.8%, to 14,438.52.
In Singapore, the Straits Times Index slid 38.06 points, or 1.2%, to 3,090.63
In Korea, the Kospi skidded 6.29 points, or 0.3%, to 2,322.32.
In Australia, the ASX 200 added 29.06 points, or 0.4%, to 6,650. 62
In New Zealand, the NZX rumbled higher 77.64 points, or 0.7%, to 11,187.97