Asian Stocks Rise After Wall Street Rally Stalls
Asian stocks mostly rose after Wall Street’s rally stalled; Tokyo Metro shares surge on debut Asia-Pacific markets mostly rose on Tuesday, lagging Wall Street’s main benchmarks, as a stellar market debut by Japanese subway operator Tokyo Metro boosted investor optimism.
Tokyo Metro shares rose 45% in early trading. The company, one of Japan’s leading subway operators and Tokyo’s largest, raised 348.6 billion yen in its initial public offering, the largest in Japan since 2018. The IPO was 15 times oversubscribed and priced at the high end of the price range, offering shares at 1,200 yen apiece.
Economic data from Asia included September inflation figures from Singapore — expected to come in at 1.9%, the slowest increase since March 2021, according to a Reuters poll of economists.
Japan’s Nikkei 225 index was trading just below the flatline on Wednesday, but the Topix index rose 0.18%. South Korea’s Kospi rose 0.15%, but the small-cap Kosdaq fell 1.16%.
Australia’s S&P/ASX 200 index started the day up 0.13%.
Hong Kong’s Hang Seng index edged higher, while mainland China’s CSI 300 index traded near the flatline.
Source: CNBC
