Asia-Pacific markets experienced a mostly positive trading session on Tuesday, diverging from the recent performance of major Wall Street benchmarks. Investor optimism was notably buoyed by the strong debut of Tokyo Metro, one of Japan’s leading subway operators.
Shares of Tokyo Metro surged as much as 47% during the day, closing 45% higher after raising 348.6 billion yen in its initial public offering (IPO), marking the largest IPO in Japan since 2018. The IPO was heavily oversubscribed, reportedly 15 times, and priced at the upper end of its pricing band, offering shares at 1,200 yen each.
In economic news, Singapore’s core consumer price index, which excludes private transport and accommodation, rose by 2.8% in September year-on-year, surpassing the Reuters poll forecast of 2.7%. Overall consumer inflation also exceeded expectations, rising 2% from the previous year compared to the anticipated 1.9%.
In Japan, the Nikkei 225 index fell 0.8%, closing at 38,104.86, while the broader Topix dropped 0.55% to finish at 2,636.96. Conversely, South Korea’s Kospi gained 1.12%, closing at 2,599.62, and the small-cap Kosdaq rose by 0.93%, ending the day at 745.19. Australia’s S&P/ASX 200 edged up 0.13% to close at 8,216.
In Hong Kong, the Hang Seng Index saw a notable increase of 1.33% during its final hour of trading, while mainland China’s CSI 300 rose 0.39% to finish at 3,973.2.
Overnight in the U.S., the S&P 500 and the Dow Jones Industrial Average ended Tuesday with marginal losses, marking a second consecutive day of declines. The S&P 500 slipped by 0.05%, experiencing its first back-to-back loss since early September, while the Dow fell 0.02%. In contrast, the Nasdaq Composite managed to gain 0.18%.
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