Market Commentary - Foreign Markets
Asian stocks ended mixed in thin trade on Thursday, with Japanese markets closed for a holiday. Chinese and Hong Kong markets fell as the People's Bank of China kept the 1-year loan prime rate at 3.1 percent and the 5-year LPR at 3.6 percent despite economic concerns.
Sentiment remained underpinned elsewhere after the U.S. Federal Reserve issued a dovish policy outlook and Ukraine's President said his country is ready to implement pause in strikes on energy and infrastructure.
The Fed's commitment to cut interest rates weakened the dollar and lifted gold prices to another record high while oil prices extended their recent rebound.
China's Shanghai Composite index dropped 0.51 percent to 3,408.95 after BofA securities warned that China's stock rally may face a meaningful correction soon.
Hong Kong's Hang Seng index tumbled 2.23 percent to 24,219.95, with tech and real estate stocks pacing the decliners.
Tencent Holdings lost 3.8 percent after it outlined plans to boost spending on AI infrastructure.
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