This is How the Markets Moved in Asia – China’s Online Giants with Heavy Losses

—– The Australian S&P/ASX 200 share market closed at its lowest level in four months and below 7,000 points for the first time since early March this year. Investors are concerned that the Federal Reserve (Fed) will raise interest rates faster after inflation figures in the U.S. rose higher than expected. The most active stocks were led by Telstra Corporation(-1.02%), Pilbara Minerals Ltd(-6.49%), Whitehaven Coal(-2.81%), AMP(-4.31%), South32(-0.91%).

The S&P/ASX 200 Index closed at 6,941.00, down 123.70 or -1.75%, and the All Ordinaries Index closed at 7,166.60, down 137.80 or -1.89%.

—– The Shanghai Composite Index closed in the red as investors are concerned about the ongoing lockdowns in major Chinese cities such as Shanghai and Beijing. Yesterday’s gainers included Datang HuaYin Electric +10.09%, Jiangsu Chunlan +10.07%, and Xinjiang Xuefeng +10.07%. On the losing side, Anhui Transport -9.97% and Zhongnongfa Seed -9.44%.

The Shanghai Composite Index closed at 3,054.99, down 3.71 or -0.12%.

—– South Korea’s stock market Composite Index closed in the red for the eighth day, falling to an 18-month low. Investors remain concerned about the imminent downward trend in global economic growth. Among the big losers, yesterday was LG Household & Healthcare, down a whopping 14.8%. The stock has been in a downtrend for well over a year. The top gainers yesterday were KG Chemical up 21.04%, Monalisa +20.77%, and Teakyung Chem +20.20%. Hyundai Motor fell 1.4% and Samsung Electronics fell 1.2%.

The South Korean Stock Exchange Composite Index (KOSPI) closed at 2,550.08, down 42.19 or -1.63%.

—– The Hang Seng Index, Hong Kong’s stock market, closed lower. Among the big losers, today was again Alibaba. The Chinese online giant fell yesterday by 6.6%. Over the year, the value of the stock has already lost more than 60%. Like Alibaba, JD.com also fared yesterday, suffering a decline of 7.78%. There were hardly any winners on the Hong Kong stock exchange yesterday. A small glimmer of hope came from AIA Group, which gained 0.56%.

The Hang Seng Index closed today at 19,380.34 points, down 444.23 points or -2.24%.

—– Thai stock markets fell sharply in line with global stock markets. At the same time, the stock market had no positive factors to support the market. As a result, profit-taking is greater than buying pressure, and MSCI needs to watch tomorrow’s reduction in the weighting of Thai stocks to see how stocks are booked in and out worsening market sentiment. Winners included Castle Peak Holdings (+29.73%), Sin Mankong Insurance (+29.41%), and Jack Chia Industries (+16.93%). The negative part of the day was led by AQ Estate -33.33%, Siam Future Dive Lopment-20.09%, and Thiensuwat-18.06%.

The SET closed today at 1,584.52 points, down 28.82 points or -1.79%.

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