Most Asian Stock Markets Closed Lower – Investors Concerned About Inflation and Rising Interest Rates

—– The Nikkei in Tokyo closed higher. Export stocks received a boost from the yen, which fell to a 20-year low against the dollar today. The biggest gainers were Mazda Motor +4.17%, Kobe Steel +3.81%, and JFE Holdings, Inc. +3.81%. The biggest losers were Kawasaki Heavy Industries -4.36%, NTT Data Corp. -2.52%, Advantest Corp. -2.51%–.

The Nikkei Index closed at 27,943.95, up 28.06, or +0.1%.

—– The Australian S&P/ASX 200 closed lower. The Reserve Bank of Australia raised interest rates more than the market expected. The biggest losers were Zip-14.38%, Clinuvel Pharmaceuticals-6.71%, and The biggest gainers were Perenti Global Ltd+10.07%, Inghams Group+3.20%, and Ampol+2.42%.

The S&P/ASX 200 index closed at 7,095.70 points, down 110.60 points, or -1.53%.
The All Ordinaries Index closed at 7,318.60, down 114.50, or -1.54%.

—– China’s Shanghai Composite closed higher after Beijing announced the easing of COVID-19 barriers. This gives investors hope that consumption in China will recover. The biggest gainers were Zhejiang Zhengguang Industrial+20.02%, Aba Chemicals+13.31%, and Assure Tech Hangzhou+10.96%. Losers were led by Whole Easy Internet Technology-83.73%, The Inner Mongolia Chilechuan Tech-69.16%, and Jiangsu. Dewei Materials-59.32%.

The Shanghai Composite Index closed at 3,241.76, up 5.39, or +0.17%.

—– The KOSPI in Seoul closed 1.6% lower on concerns about rising inflationary pressure. This could lead to the U.S. and other major economies tightening monetary policy. The biggest losers were SKC-7.25%, Daeho AI-7.00%, and Daechang Forgi-6.57%. The biggest gainers were Firstec+17.39%, Jeil Pharm+14.29%, and Shin Hwa Silup+9.69%.

The KOSPI closed at 2626.34, down 44.31 or -1.66%.

—– The Hang Seng in Hong Kong closed lower as investors sold shares to take profits after the market rose more than 500 points yesterday. The biggest losers were Joy Spreader-35.83%, Ningbo WanHao-20.35%, and Yunhong Guixin Holdings-18.09%. The gainers were led by Feiyu Tech Intl+121.21%, Solomon Worldwide Holdings+62.96%, and China Investment and Finance+48.00%.

The Hang Seng Index closed today at 21,531.67, down 122.23, or -0.56%.

—– The Thai stock market has continued to fall due to concerns over inflation, which rose to 7.1% in May. This could impact the overall Thai economy and could lead to stricter financial measures. The biggest losers were IT City -12.31%, Principal Capital -9.68%, and Export Brightness -7.91%. The biggest gainers were NFC+30.00%, Thai Packaging & Printing+29.63%, and Castle Peak Holdings+29.55%.

The SET closed at 1631.92 points, down 14.16 points or -0.86%.

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