Asian stock markets closed lower as investors fear the Fed will raise interest rates further

Tokyo’s Nikkei closed at 28,942.14, down 280.63 or -0.96%, as investors took profits after the Nikkei rose above 29,000 points for the first time in 7 months. The worst performers were Yamaha Corp (-2.73%), Recruit Holdings (-2.70%), and Toho Zinc (-2.35%). Nippon Sheet Glass+5.23%, Hitachi Zosen Corp.+3.42%, and Sapporo Holdings+1.99. % were the best performers.

In Australia, the S&P/ASX 200 closed at 7,112.80, down 14.90 or -0.21%, and the All Ordinaries closed at 7,357.70, down 23.40 or -0.32%, after reporting a drop in Australian unemployment in July that contradicted analysts’ forecasts. The losers were Blackmores-10.07%, Codam-9.75%, and Regis Resources-8.52%. The winners were IPH+16.02%, NRW Holdings+6.25%, and Treasury Wine Estates+4.04%.

South Korea’s composite index (KOSPI) closed at 2,508.05 points, down 8.42 points, or -0.33%, as investors slowed trading after meeting minutes showed that the U.S. Federal Reserve (Fed) plans to raise interest rates as high as necessary to bring inflation to manageable levels. The losers were Infac-8.24%, KakapPay-6.56%, and Hyundai Autoever-6.23%. The winners were Woongjin+7.72%, Monalisa+7.29%, and Sejin Heavy Industries Co Ltd+7.14%.

China’s Shanghai Composite closed down 14.98, or -0.46%, at 3,277.54 points as investors remained concerned that the Chinese economy would suffer from the coronavirus pandemic and the collapse of the property market. The worst performers were Zkteco (-12.08%), Shenzhen Consys Science Technology Co (-10.31%), and Sichuan Language Dev (-10.05%). The best performers were Ningbo Exciton Tech+20.01%, Ningbo Tianyi Medical Appliance+20.00%, and Sicc+20%.

The Hang Seng in Hong Kong closed down 158.54 points or -0.80% at 19,763.91 points after the Federal Reserve (Fed) released the minutes of its meeting stating that the Fed Committee is determined to continue raising interest rates to bring inflation to tolerable levels. Losers were DreamEast (-36.16%), Graphex (-29.22%) and China Brilliant Global (-16.92%). Winners were Wan Kei+70.83%, Anacle Systems+36.36%, and Nan Nan Resources Enterprise+33.33%.

The Thai SET closed at 1,636.07 points, down 3.65% or -0.22%. The losers were Indara Insurance-23.05%, Ramkhamhaeng Hospital -4.85% and Big Camera -3.80%. The winners were AQ. Estate+50%, Tong Hua Holding+12.83% and Mono Technology+11.31%.

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