Asian stock markets generally closed lower, with the Korea Composite Stock Price Index falling 19.3% in the third quarter. Net selling by overseas investors stood out, while stock movements were mixed.
Korean stocks generally declined. The Korea Composite Stock Price Index fell 19.3% in the third quarter, marking its steepest quarterly decline since the first quarter of 2020. Among major stocks, Samsung Electronics fell 1.47%, while SK hynix rose 0.62%. Of the 914 stocks traded, 352 rose and 513 fell. Overseas investors were net sellers to the tune of KRW 2.1 trillion.
The Sydney market, meanwhile, rose. The increase in the consumer price index in August was below market expectations, reducing expectations of an early additional rate hike. The S&P/ASX 200 posted its biggest gain since August, although it remained in negative territory on a monthly basis. The August core inflation measure was slightly below market expectations, lowering the probability of an additional rate hike in November.
Experts said that inflation data for July–September, rather than short-term inflation statistics, would influence strategy. Financial stocks were modestly firm, with major lender Commonwealth Bank rising. Mining stocks rose on higher iron ore prices, while property stocks posted a strong monthly gain. Some observers said the previous day's rate hike could support the property sector's outperformance.