In Australia, the S&P/ASX 200 closed at 6,574.70, down 125.50, or -1.87%, and the All Ordinaries closed at 6,788.70, down 132.70, or -1.92%, amid fears of a rate hike after a survey showed the Reserve Bank of Australia will raise rates further to curb inflation. The losers were Xero-7.84%, Kogan.com-6.51%, and Nickel Mines-6.29%. The gainers were Whitehaven Coal+2.68%, Austal+2.04%, and Rio Tinto Ltd+1.94%.
South Korea’s Composite Index (KOSPI) closed down 42.31 points, or -1.81%, at 2,290.00 points as investors became increasingly concerned that an aggressive interest rate hike by the U.S. Federal Reserve (Fed) would lead to a slowdown in the global economy. The losers were Dynamic Design-19%, Cho Kwang Pain-10.59%, and Daeduck-10.52%. The winners were Moonbase Steel+29.96%, Jeju Bank+23.35%, and Bookook Steel+15.14%.
China’s Shanghai Composite closed down 20.54 or -0.66% at 3,088.37 points due to foreign money outflows from the market on concerns about the spread of COVID-19 and geopolitical tensions. The worst performers were Novogene Co(-13.66%), Guangdong Taienkang Pharmaceutical(-10.70%), and Leader Harmonious Drive Systems(-10.06%). The best performers were Zhejiang Tailin(+19.99%), Era(+10.11%), and Fujian Longzhou Transportation A(+10.07%).
The Hang Seng in Hong Kong closed down 214.68 points, or -1.18%, at 17,933.27 points, due to the decline of major technology stocks. Starlight Culture Entertainment (-21.78%), Royal Catering Group (-26.09%), and Linocraft (-23.20%) were the worst performers. The best performers were Yuxing Info Tech Invest+71.05%, Zhejiang United+61.90%, and EGL+36.36%.
In Thailand, the SET closed at 1,633.33, down 12.07 or 0.73%. The losers were BEC World-7.75%, Union Plastics-6.99%, and OATL-5.43%. The top gainers were TWZ+14.29%, SCI Electric+14.18%, and Rojukis International+11.76%.