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Asian Stock Markets Close Lower – Investors Worry About Global Economic Slowdown After Yen Falls to Lowest Level in 20 Years

—– The Australian S&P/ASX 200 closed lower. The market was pressured by the decline in financial stocks. After the Reserve Bank of Australia (RBA) raised interest rates the most in almost 22 years. The losers were Appen Ltd -7.09%, Clinuvel Pharmaceuticals -6.81%, Lynas Rare Earths -6.19%.

The S&P/ASX 200 index closed at 7,019.70 points, down 101.40 points, or -1.42%.
The All Ordinaries Index closed at 7,240.40, down 106.60, or -1.45%.

—– The Nikkei in Tokyo closed almost unchanged as investors sold their shares to take profits after the previous price gains. The winners were Casio Computer +3.95%, Inpex Corp. +3.36%, and Yamaha Corp. +3.19%. The losers were Kawasaki Kisen Kaisha-11.13%, Mitsui O.S.K. Lines-7.74%, Nippon Yusen K.K-6.99%.

The Nikkei Index closed at 28,246.53, up 12.24, or +0.04%.

—– The KOSPI in Seoul closed in the red for the third day in a row, as investors narrowed trading in anticipation of the release of U.S. inflation data on Friday. The biggest losers were Daesung Ind-9.27%, Daesung Energy-6.55%, and Kumbi-6.15%. The biggest gainers were Sbw+29.91%, HLB Global+16.61%, and Ascendio+9.16%.

The Composite Index (KOSPI) closed at 2625.44, down 0.71 or -0.03%.

—– The Shanghai Composite in China closed in the red after the Shanghai Municipal Government announced to close off the Minhang area to contain the spread of COVID-19. The biggest losers were Beijing Miteno Communication-51.25%, NetPosa Technologies Ltd-37.78%, and Wave Cyber Shanghai-13.42%. The biggest gainers were Henan Qingshuiyuan Technology+12.38%, Zhongtian Urban A+10.23%, and Zhejiang Renzhi+10.11%.

The Shanghai Composite Index closed at 3,238.95, down 24.84, or -0.76%.

—– The Hang Seng in Hong Kong closed lower, following the direction of the Dow Jones Industrial Average, which closed lower on Wednesday (June 8) as investors feared the U.S. economy may be facing a recession. The biggest losers were Titan Invo Technology-20.90%, Miji International-18.31%, and Century Legend-17.45%. The biggest gainers were Christine Intl+117.07%, PF Holdings+36.11%, Skymission+34.02%.

The Hang Seng Index closed at 21,869.05, down 145.54, or -0.66%.

—– The Thai stock market rose into positive territory. The biggest gainers were Golden Lime+30.00%, NFC+29.24%, Sali Printing+28.77%. The biggest losers were New City Boutique-12.59%, Phi Phi Prime-11.76%, and New City-8.92%.

The SET closed at 1641.34 points, up 4.45 points or +0.27%.

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