Asian stock markets closed negative and continued downward trend

Asian stock markets closed lower today as investors feared a global recession after the U.S. Federal Reserve (Fed) and other central banks insisted on tightening monetary policy further.

Investors expect the Fed to raise interest rates by 0.75% at its monetary policy meeting in November and by another 0.50% in December. If the Fed raises the interest rate as expected, it would be the fourth time in a row that the Fed raises rates by 0.75%.

—–Tokyo’s Nikkei closed at a more than 2-month low of 26,431.55, down 722.28 or -2.66%. The losers were Inpex Corp-9.87%, Idemitsu Kosan Co Ltd-7.63%, and Fujikura-7.36%. The winners were KDDI Corp. +0.58%, Nippon Telegraph & Telephone Corp. +0.54%, and Nippon Paper Industries +0.46%.

—–In Australia, the S&P/ASX 200 closed at 6,469.40, down 105.30 or -1.60%, and the All Ordinaries closed at 6,667.50, down 121.20 or -1.79%, following the downward trend in other Asian stock markets. The losers were Costa Group Holdings Ltd-14.17%, Whitehaven Coal-14.02%, and St Barbara-10.45%. Nanosonnics (+4.68%), Megaport Ltd (+3.62%), and Rea Group (+3.49%) were the top gainers.

—–China’s Shanghai Composite closed down 37.14, or -1.20%, at 3,051.23 points. The worst performers were Kunming Chuan Jin Nuo Chemical (-11.70%), Ld Intelligent (-10.42%), and Bj Unistrong A (-10.05%). The best performers were WindSun Science Technology Co+20.01%, Sanhe Tongfei Refrigeration Co+20%, and Nanjing Yueboo Power A+19.45%.

—–The Hang Seng in Hong Kong closed down 78.13 points or -0.44% at 17,855.14 points. The worst performers were China Oceanwide (-52.50%), Kwong Luen Engineering Holding (-48%), and Crown International (-41.75%). The best performers were Bc Technology+40.63%, Prosper One+40.41%, and Royal Catering Group+29.41%.

—–South Korea’s composite index (KOSPI) closed at 2,220.94, down 69.06, or -3.02%, to its lowest level in more than two years as the won continued to fall. The losers were Hanmiglobal-17.43%, IIsung Pharm-14.63%, and Sjm Holdings-13.96%. The gainers were STX+29.87%, Daewoo Shipbuilding+13.41%, and ENPlus Co Ltd+10.36%.

—–In Thailand, the SET closed at 1,621.25 points, down 10.46 points or -0.64%. The losers were Rojukis International-10.88%, Sabai Technology-10.13%, and PP Prime-9.52%. The winners were Thanulux +29.96%, United Mosaic Industry +19.34%, and Ingres Industrial +15%.

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