Asia-Pacific markets mostly lower; Hong Kong property stocks rally on budget announcement

Asia-Pacific stock markets were mostly lower on Wednesday. Hong Kong’s property index rallied after the city’s budget announcement. Hong Kong plans to boost its real estate sector by doing away with property curbs. The Hang Seng index dipped, while the Hang Seng Property index jumped. The Reserve Bank of New Zealand kept its official cash rate steady at a 15-year high. Inflation in the fourth quarter of last year was above the central bank’s target range. Australia’s S&P/ASX 200 was flat, while New Zealand’s benchmark S&P/NZX 50 index rose after the RBNZ decision. The CSI 300 index fell. Japan’s Nikkei 225 was flat, and South Korea’s Kospi rose. The S&P 500 and Nasdaq Composite closed slightly higher on Tuesday.