| GEO Business|
| Asian stock markets mixed|
| Updated at: 1316 PST, Friday, October 31, 2008|
TOKYO: Asian markets were mixed Friday as Japanese stocks fell despite the first rate cut in seven years while Indian shares soared to catch up with the global market rally after a holiday there.
Tokyo's Nikkei 225 index sank 5 percent to 8,576.98 despite the Bank of Japan's decision to lower its key rate from 0.5 percent to0.3 percent.
South Korea's market extended the previous session's 12 percent rally with the Korea Composite Stock Price Index up 2.8 percent at1, 113.29. Australia's key index climbed out of negative territory to close 0.4 percent higher.
Hong Kong's Hang Seng was down 1.5 percent at 14116.75. In India, the benchmark Sensex index surged 7.3 percent to9, 693.43.
Japanese stocks were modestly lower for much of the day after jumping nearly 10 percent Thursday on expectations of a rate cut by the central bank.