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Asian stock markets mostly down despite US closing highs | |
(about 2 hours later) | |
Stock markets in Asia were mostly down on Tuesday, despite markets in the US, where both the Dow Jones and the S&P 500 closed at all-time highs. | |
Australia's benchmark S&P/ASX 200 was down 0.62% at 5,922.00 points in afternoon trade. | |
The index lost earlier gains after the Reserve Bank of Australia (RBA) announced it would keep its benchmark interest rate on hold at 2.25%. | |
Analysts said the market had reckoned there was about a 50% chance of a cut. | |
RBA governor Glenn Stevens said: "At today's meeting the board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being." | |
The Australian dollar rose against the US dollar after the RBA's announcement. | |
It had dropped as low as $0.77 earlier on Tuesday, but was up 0.8% at $0.78 after the RBA's announcement. | |
Elsewhere in Asia | |
In Tokyo, the benchmark Nikkei 225 was down 0.20% at 18,788.40 points in early afternoon trade. | |
Trading of shares of Japan's struggling electronics giant Sharp was halted temporarily on Tuesday morning after a media report said the firm was preparing to seek aid from its lenders. | |
The company said it had not been the source of the report, however, and that it had made no decisions around restructuring. | The company said it had not been the source of the report, however, and that it had made no decisions around restructuring. |
Despite the reassurance, its Japan-listed shares were down more than 6% in morning trade. | Despite the reassurance, its Japan-listed shares were down more than 6% in morning trade. |
Sharp had said it was likely to post its third annual net loss in four years as it struggles with its business in China. | |
Hong Kong's Hang Seng was flat, up just 0.02% at 24,892.19. | |
Hong Kong-listed shares of Chinese property developer Kaisa jumped more than 7% early on Tuesday after the firm announced an onshore debt restructuring plan. | |
By mid-morning, the firm's shares were up by just under 2%. | |
On mainland China, the Shanghai Composite index was down 0.92% at 3,305.45 as investors worried about a glut of new share offers. | |
In Korea, the Kospi share index was up 0.10% at 1,998.77 points. | In Korea, the Kospi share index was up 0.10% at 1,998.77 points. |