—- The Hang Seng Index, Hong Kong’s stock market, closed lower as investors feared that the Federal Reserve (Fed) may raise interest rates by 0.75% at its next meeting. Even though the Fed Chairman signaled that the Fed is not considering such a serious rate hike.
The Hang Seng Index closed today at 20,001.96 points, down 791.44 points or -3.81%.
—- The Shanghai Composite Index fell more than 2% after a meeting of the Chinese Communist Party’s Politburo (Politburo) reaffirmed the zero-covid policy. This has raised fears among investors that the Chinese government may impose lockdown measures in cities other than Beijing and China’s financial center Shanghai.
The Shanghai Composite Index closed at 3,001.56, down 66.20 or -2.16%.
—- South Korea’s stock market composite index closed down more than 1% as investors feared an economic downturn. The U.S. Federal Reserve raised interest rates to curb high inflation and the won weakened against the U.S. dollar.
The South Korean Stock Exchange Composite Index (KOSPI) closed at 2,644.51, down 33.06 or -1.23%.
—- Australia’s S&P/ASX 200 share index closed down more than 2% after the Reserve Bank of Australia announced another interest rate hike next month.
The S&P/ASX 200 index closed at 7,205.60, down 159.10, or -2.16%.
The All Ordinaries Index closed at 7,467.60 points, down 171.60 points, or -2.25%.
—- The Nikkei index closed higher as investors bought export stocks after the yen weakened against the US dollar. The transport sector saw a boost after Japanese Prime Minister Fumio Kishida announced that Japan would relax border controls.
The Nikkei Index closed at 27,003.56, up 185.03, or +0.69%.
—- The Thai stock market index fell in line with regional equity markets. Investors are concerned that the Federal Reserve (Fed) may raise interest rates by more than 0.50% at its monthly meeting in June after inflation appears to continue rising.
The SET closed today at 1,629.58 points, down 13.72 points or -0.83%.