Aysu Bicer
24 October 2022•Update: 24 October 2022
ANKARA
Asian stocks ended Monday mixed amid political developments in China, with Xi Jinping being confirmed as head of the Communist Party of China for an unprecedented third term.
China’s economy grew more than expected in the third quarter of the year, with its gross domestic product up 3.9% on an annual basis.
The performance of the world’s second-largest economy exceeded market forecasts of 3.4% growth due to government steps for “effective COVID-19 containment, economic stability and development security,” the National Bureau of Statistics of China said in a statement.
On the Japanese side, officials reiterated their message that appropriate decisions will be taken against excessive exchange rate fluctuations.
The Bank of Japan, which will announce its interest rate decision on Friday, is not expected to take a step back from its ultra-loose monetary policy despite Yen weakening to record lows.
Amid the developments, China's Shanghai composite index decreased by 2% to 2,978 points, while South Korea's Kospi index increased by 1% to 2,236 points.
Japan's Nikkei 225 index, meanwhile, increased by 0.3% to 26,975 points.
Hong Kong's Hang Seng index fell by 6.1% to 15,181 points, the lowest level since April 2009.
Singapore, Malaysia and India’s markets remained closed for a holiday.
