Asian Stock Markets Closed Lower into the Weekend

—– The Hang Seng in Hong Kong closed lower as investors worried that inflation numbers in the U.S. would remain high and cause the Federal Reserve (Fed) to raise interest rates. The losers were TradeGo Fin Tech-21.74%, KPM Holding-20.99%, and Dadi Intl-19.57%. The top gainers were Wines Link+69.49%, Koolearn Technology Holding+39.37%, and Core Economy Investment Group Ltd+37.25%.

The Hang Seng Index closed at 21,806.18 points, down 62.87 points or -0.29%.

—– The Shanghai Composite in China closed in the plus. Investors’ concerns about the inflation situation in China decreased after Chinese authorities released official inflation figures that were in line with expectations. The biggest gainers were Sanyou+20.02%, Ningbo Joy Interligent Logistics Technology+20.02%, and Lizhong Sitong Light Alloys+20.01%. The biggest losers were Shandong Jintai-71.77%, Xin. Jiang Health Industry-66.67%, Power HF Co-30.83%.

The Shanghai Composite Index closed at 3,284.83, up 45.88, or +1.42%.

—– South Korea’s KOSPI closed down more than 1% for the fourth day in a row on concerns about inflation and a slowdown in the global economy. Meanwhile, the won currency weakened significantly against the U.S. dollar. The biggest losers were Samhwa-12.55%, Hwa Sung Ind-11.58%, and Hanchang-10.46%.

The KOSPI closed at 2,595.87 points, down 29.57 points, or -1.13%.

—– Australia’s S&P/ASX 200 closed lower as investors worried about the economic impact of the Reserve Bank of Australia raising interest rates above market expectations. The biggest losers were Pointsbet Holdings-5.79%, Sims Metal Management-5.75%, and Lynas Rare Earths-5.72%.

The S&P/ASX 200 index closed at 6,932.00, down 87.70 or -1.25%.
The All Ordinaries Index closed at 7,145.20, down 95.20, or -1.31%.

—– Nikkei in Tokyo closed down as investors are concerned about the global economic outlook. Losers were led by Dainippon Screen Mfg.-4.76%, Advantest Corp.-4.20%, Kubota Corp.-4.16%. The top gainers were Taiheiyo Cement Corp.+6.77%, Sumitomo Osska. Cement+5.98%, SKT Perfect JSAT Holdings Inc.+3.51%.

The Nikkei index closed at 27,824.29, down 422.24, or -1.49%.

—– The Thai stock market has fallen after concerns about rising inflation and the consequent reluctance of foreign investors. Losers are led by TWZ-11.11%, Thai Inger Holdings-8.20%, Advance Connections-7.51%. The gainers are led by Max. Tzing Maximize Solution+29.73%, Nova Empire+29.65%, NFC+29.51%.

The SET closed at 1632.62 points, down 8.72 points or -0.53%.

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