Business News Asia
Tokyo’s Nikkei closed at 27,153.83, down 159.30 or -0.58%, after the U.S. Federal Reserve announced it would continue to aggressively raise interest rates to curb inflation, raising fears that the U.S. and global economies would weaken further. The losers were Kawasaki Kisen Kaisha-2.92%, Toho Zinc-2.78%, and Recruit Holdings-2.55%. The gainers were Mitsubishi Motors Corp.+3.04%, Mitsubishi Heavy Industries+2.09%, and IHI Corp.+1.90%.
The Hang Seng in Hong Kong closed 296.67 points, or -1.61%, lower at 18,147.95 points after the Federal Reserve raised interest rates by 0.75% and signaled that it would continue to raise rates throughout 2023. The worst performers were China Jicheng (-23.38%), Sincere Watch Hong Kong (-19.51%) and China Titans Energy Tech (-18.75%). The best performers were Zhejiang United (+118.18%), China Invest (+31.15%) and Jia Yao (+27.37%).
China’s Shanghai Composite closed down 8.27 points or -0.27% at 3,108.91 points, in line with other Asian stocks that declined today. Zhong Tong Bus A(-10.01%), Jiangsu Transimage Tech(-10%), and Chutian Dragon Co(-9.98%) were the worst performers. The best performers were MH Robot Autmation (+20%), Xiongan Kerong Environment Technology (+20%), and Triductor Tech Suzhou (+18.61%).
South Korea’s composite index (KOSPI) closed at 2,332.31, down 14.9%, or 0.63%, as investors feared a global recession and the won fell to a 13-year low against the U.S. dollar. Duksung-10.53%, Papercorea-10.06%, and Hwacheon Machi-9.53% were the losers. The gainers were IIsung Pharm+29.50%, Korea Ind+20.25%, and Dynamic Design+19.28%.
— Australian stock exchanges are closed today to mourn the death of Queen Elizabeth II.
In Thailand, the SET closed up 11.84 or 0.72% at 1,645.29. The gainers were AQ Estate +50%, Wave Entertainment +25.09%, and UAC Global+14.11%. The losers were TWZ+12.50%, MFEC-7.14%, and Siamphan Group-5.14%.