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Australia shares gain on rate cut with other Asian shares mixed

Published 02/02/2015, 11:40 PM
Updated 02/02/2015, 11:42 PM
Aussie shares gain on rate cut
US500
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DJI
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AXJO
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JP225
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HK50
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IXIC
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BMRI
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BKRKY
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Investing.com - Australian shares rose for a ninth straight session on Tuesday, touching a five-month
high as the central bank made a surprise rate cut of 25 basis points to a record low 2.25%.

The S&P/ASX 200 rose more than 1.5% after the announcement.

The Australian dollar fell sharply Tuesday after the rate cut which the central bank said was needed to achieve balanced growth.

"At today's meeting, taking into account the flow of recent information and updated forecasts, the Board judged that, on balance, a further reduction in the cash rate was appropriate," Reserve Bank of Australia Governor Glenn Stevens in a statement. "This action is expected to add some further support to demand, so as to foster sustainable growth and inflation outcomes consistent with the target."

Elsewhere in Asia, Indonesia's main stock index rose on Tuesday as fund inflows lifted banking shares.

The Jakarta composite index traded 0.4% higher, recovering from a loss on Monday.

Shares of Bank Mandiri T (JK:BMRI) and,Bank Rakyat (OTC:BKRKY) Indonesia were among those actively traded as foreign investors led buyers.

Hong Kong's Hang Seng index fell 0.32% at the break, while the Nikkei 225 was down 0.91%.

Overnight, U.S. stocks were higher after the close on Monday, as gains in the Oil & Gas, Telecommunications and Industrials sectors led shares higher.

At the close in New York, the Dow Jones Industrial Average rose 1.14% to hit a new 1-month low, while the S&P 500 index gained 1.30%, and the NASDAQ Composite index added 0.89%.

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