Asian stock markets closed mixed on Wednesday on the back of Chinese export data

Tokyo’s Nikkei closed at 27,430.30, down 196.21, or -0.71%, to its lowest level since July 19, amid concerns about a slowdown in the U.S. and European economies. This is a result of interest rate hikes by the U.S. Federal Reserve (Fed). The losers were Nippon Yusen K.K-7.92%, Mitsui O.S.K. Lines-7.01%, and Kawasaki Kisen Kaisha-6.18%. The gainers were Unitika+3.86%, Mitsubishi Motors Corp +3.61%, and Subaru Corp+3.37%.

Australia closed lower in line with most Asian stocks, with the S&P/ASX 200 closing at 6,729.30, down 97.20 or -1.42%, and the All Ordinaries at 6,959.30, down 96.60 or -1.37%, as trading was weak. The forecasts about China’s economy also affect the trading atmosphere in the market. The losers were Insignia Financial-7.10%, Viva Energy-7.07%, and Beach Energy-5.11%. The winners were Nuix+6.11%, Resmed DRC+4.23%, and Appen Ltd+3.59%.

The Shanghai Composite closed slightly higher at 3,246.29, up 2.85, or 0.09%, supported by a rally in chipmakers, while consumer goods stocks slumped after news of a drop in exports in China in August. The worst performers were Beijing Hanyi Innovation Technology-11.34%, Metro Investment. Dev-10.03% and Jwipc Technology-10.01%. The best performers were Suzhou Mingzhi Technology Co (+20%), Yantai Longyuan Power Tech (+16.85%), and Zheijang Changsheng A (+15.47%).

South Korea’s composite index (KOSPI) closed at 2,376.46, down 33.56, or -1.39%, as foreign and institutional investors, sold out in large numbers. Meanwhile, the won fell to a 13-year low against the US dollar. IIsung Pharm-13.99%, In The F-9.37%, and Dohwa Engin-9.09% were the losers. The winners were Kumyang+13.47%, Boryung Pharm+11.94%, and Nice+7.04%.

Hong Kong’s Hang Seng closed down 158.43 points, or -0.83%, at 19,044.30 as investors remained concerned that the Federal Reserve (Fed) would continue to raise interest rates, which would slow the economy. The worst performers were Mingfa Group Inf (-23.33%), Kangqiao Service (-27.14%), and Huabang Financial (-25%). The best performers were Orient Victory China+48.94%, Capital VC+46.48%, and Keyne+34.62%.

In Thailand, the SET closed at 1,639.92 points, up 6.05 points or +0.37%. Overall, the market rose in line with the fundamentals of the Thai economy, as inflation was expected to exceed its peak. The gainers were Sin Munkong Insurance (+29.27%), Pacific Pipe (+14.89%), and Team Consulting Engineering and Management (+13.10%). The losers were Thiensurat-9.36%, PRG Corporation-4.88%, and Abaco Hitech-4.50%.

Leave a Reply

Change Language
%d bloggers like this: