The Nikkei in Tokyo closed at 26,961.68 points, up 173.21 points or +0.65%, after investors expected that the U.S. Federal Reserve (Fed) will not raise interest rates by 1% at its meeting this month. The biggest gainers were Kawasaki Kisen Kaisha+7.35%, Nippon Sheet Glass+5.65%, and Kawasaki Heavy Industries+5.22%. The weakest stocks were Daiichi Sankyo-2.93%, Kansai Electric Power-2.78%, and Tokyo Electric Power Co, Inc.-2.38%.
Australia’s S&P/ASX 200 closed down 6,649.60, or -0.56% and the All Ordinaries closed down 6,853.00, or -0.51%, as the slump in the U.S. stock markets dragged down technology stocks, led by Xero -6.02%, Pointsbet Holdings. -5.99% and Nuix -5.51% The best performers were Pendal+7.79%, Mesoblast+7.60%, and Whitehaven Coal+5.25%.
The Shanghai Composite in China closed at 3,279.43 points, up 1.33 points, as investors worried that the rise in the number of people infected with COVID-19 would hurt China’s economic growth. Union man Technology Co(+20%), Jiangsu Hoperun Software(+20%), and Shandong Shuangyi Tech(+19.98%) were the best performers. The worst performers were Yonker Environmental Protect-10.80%, China Southen Power Grid Tech-10.36%, and Beijing China Sciences Runyu-10.28%.
The South Korean Composite (KOSPI) closed at 2,370.97 points, down 4.28 points, or -0.18%, as investors feared an interest rate hike could lead to an economic slowdown, while the won currency rose against the US dollar. The biggest losers were II Dong Pharma-7.13%, LG Innotek Co-4.78%, and KEPCO Eng & Const-4.17%. The top gainers were Chosun Welding+25.76%, Shinpoong Phar+16.24%, and Cosmo Chem+15.74%.
Hong Kong’s Hang Seng closed at 20,661.06, down 185.12, or -0.89%, as investors again feared that the Federal Reserve’s tightening of monetary policy to curb inflation could lead to an economic downturn. Rare Earth Magnesium Technology Group (-41.18%), Madison Holdings (-25.04%), and China Zenith Chemical (-20.51%) were the worst performers. The best performers were China Tangshang (+74.34%), Sino Golf (+31.88%), and Jiachen Holding (+31.67%).
Thai SET closed at 1,533.43 points, down 11.38 points (-0.74%) as investors were concerned about the financial crisis in Myanmar, which could affect Thai companies investing in the country. PP Prime-16.67%, Well Graded Engineering-12.57%, and Thai foods Group-10.94% were the worst performers. The biggest gainers were Nova Organics (+20.77%), TWZ (+14.28%), and Matching Maximize Solutions (+13%).