Business News Asia
The Hang Seng Index, Hong Kong’s stock market, closed lower. Investors took profits after the market had risen more than 100 points this morning. The key factor was the decision of the U.S. Federal Reserve (Fed) to raise interest rates by 0.50%, and Fed Chairman Jerome Powell dismissed the prospect of a drastic increase in interest rates to 0.75%.
The Hang Seng Index closed today at 20,793.40 points, down 76.12 points or -0.36%.
The Shanghai Composite Index closed higher, led by strong consumer stocks after the People’s Bank of China (PBOC) pledged to provide enough liquidity to meet the needs of the corporate sector.
The Shanghai Composite Index closed at 3,067.76, up 20.70, or +0.68%.
The Australian S&P/ASX 200 stock markets closed higher. Mining stocks recovered after a sharp rise in commodity prices, and technology stocks gained after the Federal Reserve raised interest rates by 0.50%.
The S&P/ASX 200 index closed at 7,364.70 points, up 60 points, or +0.82%.
The All Ordinaries index closed at 7,639.20, up 74.40, or +0.98%.
The Thai stock market was quite volatile today. In the early morning, the market rose in line with regional stock markets but started to decline at the end of the morning, before turning negative again in the afternoon due to profit-taking, especially in small and medium-sized company shares.
SET Close today at 1643.30 points, down 8.99 points or -0.54%.