Asia-Pacific stocks mixed; Kakao Pay shares soar in South Korea debut
SINGAPORE — Shares in Asia-Pacific were mixed on Wednesday as investors looked ahead to the end of the U.S. Federal Reserve’s two-day meeting for clues on tapering
In South Korea, the Kospi declined 1.25% to finish the trading day at 2,975.71. Shares of Kakao Pay surged in their Wednesday debut as they more than doubled from their issue price of 90,000 Korean won. By the Wednesday market close in South Korea, the stock had soared about 114% from its issue price
Kakao Games also surged 3.01%, while Kakao Corp shares dipped 2.73% and Kakao Bank dropped 7.33%.
Elsewhere, mainland Chinese stocks closed lower, with the Shanghai composite falling 0.2% to 3,498.54 while the Shenzhen component declined fractionally to 14,367.78. Hong Kong’s Hang Seng index dipped about 0.5%, as of its final hour of trading
The S&P/ASX 200 in Australia climbed 0.93% to close at 7,392.70, while Taiwan’s Taiex advanced 0.33% on the day to 17,122.16
MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.12%
Markets in Japan were closed on Wednesday for a holiday
China services activity for October
A private survey released Wednesday showed growing Chinese services activity in October, with the Caixin/Markit services Purchasing Managers’ Index coming in at 53.8, rising from September’s reading of 53.4
China’s official non-manufacturing PMI for October came in at 52.4 over the weekend, a decline from the September reading of 53.2
PMI readings below 50 represent contraction while those above that level signify expansion. PMI readings are sequential and represent month-on-month expansion or contraction
Wall Street rises to record highs again
Overnight on Wall Street, the S&P 500 climbed 0.37% to 4,630.65 while the Dow Jones Industrial Average advanced 138.79 points to 36,052.63. The Nasdaq Composite rose 0.34% to 15,649.60.
Tuesday marked the third session in a row where all three major averages stateside closed at a record
