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Asian stock markets closed volatile as investors remain concerned about the prospect of a recession

—– The Nikkei in Tokyo closed lower as investors feared the U.S. economy could fall into recession. The U.S. Federal Reserve (Fed) plans to continue raising interest rates despite the fact that GDP for the first quarter is likely to decline. The biggest losers were Dainippon Screen Mfg. down -5.37%, Taiyo Yuden down -4.65% and IHI Corp. down -4.35%. The biggest gainers were Taisei Corp.+1.68%, Kajima Corp.+1.57%, and Keio Corp.+1.25%.

The Nikkei index closed at 26,393.04, down 411.56, or -1.54%.

—– The S&P/ASX 200 in Australia closed down almost 2% after the Commonwealth Bank in Australia raised mortgage rates by 1.4% on one to five-year loans. The biggest losers were Unibail Rodamco Westfield-6%, EML Pay ments-5.75%, and Janus Henderson DRC-5.72%. The biggest gainers were Pointsbet Holdings+10.74%, Omni BridgewayLtd+3.50%, and Domino’S Pizza Enterprises+0.97%.

The S&P/ASX 200 index closed at 6,568.10, down 132.10, or -1.97%.
The All Ordinaries Index closed at 6,746.50 points, down 131.40 or -1.91%.

—– The South Korean Composite closed down almost 2%, down for the second day in a row, as the won strengthened against the US dollar. The biggest losers were Woojin-12.37%, NCsoft Corp-10.04%, and Han Shin Mach-10%. The biggest gainers were Nam Kwang Cons+29.88%, Korea Eng Cons+15.03%, and HLB Global+13.77%.

The Composite Index (KOSPI) closed at 2332.64 points, down 45.35 or -1.91%.

—– China’s Shanghai Composite closed up more than 1% after the government announced the end of lockdown measures in Shanghai and the manufacturing and services sectors expanded in June. The big gainers were led by Tianjin Jinrong Tianyu Precision Machin…(+20.01%), Shenzhen Injoinic Tech(+20%), and Jiangsu Leili Motor(+19.99%). The biggest losers were Ji Yao Holding (-15.07%), Greatoo A (-10.11%), and Taier Heavy Ind A (-10.07%).

The Shanghai Composite Index closed at 3,398.62, up 37.10, or +1.10%.

—– The Hang Seng in Hong Kong closed lower as investors remain concerned about a possible recession in the U.S. The biggest losers were SenseTime Group Inc B-48.98%, Nanjing Sinolife United-22.78%, and Dragon Mining-22.58%. The biggest gainers were Millennium Pacific Group Holdings+35.29%, Grand Ocean Resources+23.08%, and Zhong Hua Intl+22.58%.

The Hang Seng Index closed at 21,859.79 points, down 137.10 points or -0.62%.

—– The Thai stock market declined in line with foreign stock markets, which declined accordingly. The biggest losers were Castle Peak Holding-12.82%, TWZ-12.50% and Waropakorn-12.40, while the big winners were EMC+18.18%, Samitivej+12.86%, Wattanapat Trang Hospital+8.84%.

The SET closed at 1,568.33 points, down 17.85 points or -1.13%.

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