Most Asian stock markets closed negative as investors worry about interest rate hikes

Tokyo’s Nikkei closed down 762.42 points, or -2.66%, at a three-week low of 27,878.96 points, slipping from the psychological 28,000 mark after the Federal Reserve signaled it would continue to raise interest rates to keep inflation low. The losers were Tokyo Electric Power Co. Inc. down -by 5.22%, Omron Cor-5.18%, and Dentsu Inc.-5.10%. The winners were Mitsui Chemicals, Inc.+2.73%, Isuzu Motors+2.24%, and Mazda Motor. +0.99%.

In Australia, the S&P/ASX 200 closed at 6,965.50 points, down 138.60 points or -1.95%, and the All Ordinaries closed at 7,193.40 points, down 152.40 points or -2.07%, in line with the slump in Asian stock markets. The worst performers were Polynovo-17.07%, Megaport Ltd-9.13%, and Zip-8.89%. The best performers were A2 Milk (+9.98%), Adbri (+2.76%), and APA Group (+0.71%).

South Korea’s composite index (KOSPI) closed at 2,426.89 points, down 54.14 points, or -2.18%, as investors worried about the Fed’s aggressive monetary policy. Meanwhile, the Won fell to a 13-year low against the US dollar. The losers were Jeju Air Co Ltd-10.27%, Miwon Chemical-7.87%, and Hwaseung RA Co-7.54%. The winners were Kimbi+12.75%, Isu Chemical Co+12.56%, and Jeiu Bank+12.41%.

The Shanghai Composite closed at 3,240.73 points, up 4.50 points or +0.14%, as investors turned speculative after the market fell more than 1% at the opening. The best performers were Zhejiang Kaishan Compressor (+20.02%), Biotech (+20%), and Beijing Jingwei Hirain (+20%). The worst performers were Cansino Biologics-15.08%, Camelot Electronics Technology-13.62%, and EleFirst Science Tech-13.30%.

The Hang Seng in Hong Kong closed down 146.82 points, or -0.73%, at 20,023.22 points as the US Federal Reserve continues to exert pressure to raise interest rates to curb inflation. The worst performers were AM Group Holdings (-33.33%), Sandmartin Intl (-28.85%), and Yuk Wing Holdings (-18.62%). The best performers were SKY Light+411.11%, Prosper One+76.47%, and Cocoon Holdings+68.89%.

In Thailand, the SET closed at 1,626.52, down 18.26 or 1.11%. The losers were D.T.C. Industries -13.67%, Delta Electronics -7.61%, and Everland-7.14. %. The winners were Can Digital +18.52%, TWZ +14.29%, and Rockworth +13.10%.

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