06:57 AM EDT, 07/22/2024 (MT Newswires) -- Asian stock markets largely fell back Monday on news that US President Joe Biden would not seek reelection, and on ongoing softness in tech shares.

Shanghai and Tokyo finished in the red, although Hong Kong was lifted by news that China's central bank had implemented a rate cut.

Taiwan major equities index fell back 2.7%, and Taiwan Semiconductor Manufacturing lost 3.2% as the risk-off mood for tech shares persisted. Other regional exchanges also finished in the red.

In Japan, the Nikkei 225 opened lower and wobbled, finishing off 1.2% on the uncertain US political outlook and slipping tech shares. A stronger yen undercut export issues.

The benchmark Nikkei 225 fell 464.79 to 39,599.00, as losing issues outnumbered gainers 170 to 52.

Leading the upside was chemical concern Teijin, while chip-designer Socionext lost 5.7%.

In Hong Kong, the Hang Seng Index opened evenly and rose to the close, after the People's Bank of China announced a surprise rate cut.

The broad gauge Hang Seng rose 218.20 to 17,635.88, as gaining issues outnumbered losers 65 to 16. The Hang Seng TECH Index gained 2.1% on the day, while the Mainland Properties Index fell 0.1%.

Leading the upside was Trip.com, gaining 2.7%, while New World Development lost 1.3%.

On the mainland, the Shanghai Composite fell 0.6% to 2,964.22..

In economic news, the People's Bank of China unexpectedly cut its seven-day reverse repo rate to 1.7% from 1.8%, and similarly reduced one-year and five-year prime rates.

On the other regional exchanges, the S. Korean KOSPI fell 1.1%; the Taiwan TWSE declined 2.7%; the Australian ASX 200 declined 0.5%; the Singapore Straits Times Index fell 0.3%. In late trading in Mumbai, the Sensex was down 0.1%.