Asian Stocks Mostly Fall After India Unexpectedly Raises Rates
Asian shares mostly declined after India surprised markets and raised its key interest rate.
The Reserve Bank of India boosted the repurchase rate by a quarter point to 7.5%, the first increase since 2011, the central bank said.
In other news, land prices in Japan's three largest cities rose for the first time in five years, signaling a return of confidence among home-buyers and investors. The average price of land in Tokyo, Osaka and Nagoya gained 0.1% as of July 1, compared with a 1% drop a year earlier, the Ministry of Land, Infrastructure, Transport and Tourism said.
In ADR news, JinkoSolar Holding Co., Ltd. ( JKS ) said that its follow-on public offering of 3.8 million American depositary shares, each representing 4 ordinary shares of the company at par value US$0.00002 per share, was priced at $16.25 per ADS. The company intends to use the net proceeds from this offering for general corporate purposes, which may include expanding manufacturing capacity, the development of solar power projects and working capital.
Markets in Hong Kong, China, South Korea and Taiwan were closed for holidays.
Japan's Nikkei ended down 0.16% at 14,742.42 and the Straits Times down 0.44% at 3,237.53. India's stock benchmark S&P/BSE Sensex fell 2.1%.