Business News Asia
Tokyo’s Nikkei closed at a 3-month low of 26,173.98, down 397.89, or -1.5%. It followed the Dow Jones, which closed in the red for the sixth straight day on Tuesday (Sept. 27) after reports that Apple decided to cancel plans to increase production of its new iPhones. The losers were Nippon Sheet Glass-5.07%, Mitsubishi Motors Corp.-4.85%, and Kawasaki Kisen Kaisha-4.57%. The gainers were Eisai+17.29%, Shizuoka Bank+4.96%, and Nippon Paper Industries+3.25%.
In Australia, the S&P/ASX 200 closed at 6,462.00, down 34.20 or -0.53%, and the All Ordinaries closed at 6,659.80, down 36.70 or -0.55%, after the S&P500 closed six straight days in the red, its longest record since February 2020, on concerns of an aggressive rate hike by the Federal Reserve. The losers were Unibail Rodamco Westfield-4.38%, Virgin Money-3.35%, and Nickel Mines-3.75%. The gainers were Ramelius Resources+5.74%, Whitehaven Coal+3.91%, and Incitec Pivot+3.55%.
The South Korean Composite (KOSPI) fell to a two-year low of 2,169.29, down 54.57 points or -2.45%. Investors fear a global recession as several countries tighten their loose monetary policies. The losers were Jayjiun Co-28.97%, InBioGen Co Ltd-29.71%, and Youlchon Chem-22.24%. The winners were Kpx Green Chem+29.93%, Sempio Foods+29.82%, and XR Motors Co+17.12%.
China’s Shanghai Composite closed down 48.79 points, or -1.58%, at 3,045.07 points, in line with falling stock markets around the world today. Investors are concerned that the acceleration of interest rate hikes by central banks will lead to a recession in the global economy. Jiangsu Huasheng Tianlong Photo-11.39%, Puyang Huicheng Electronic Material-11.08%, and Chongqing VDL Electronics-10.87% were the worst performers. Shenzhen Bestek+11.65%, Fujian Dongbai+10.12%, and Union Hldgs A+10.10% were the best performers.
The Hang Seng in Hong Kong closed down 609.43 points or -3.41% at 17,250.88 points. The worst performers were Yuxing Info Tech Invest-85.29%, CIFI Group Co-32.28%, and Bortex Global-27.54%. The best performers were Future World Fin (+52.17%), I century (+30.40%), and Man Shing Global (+22%).
In Thailand, the SET closed down 1,603.26 points, down 7.32 points or 0.45%. The losers were TWZ-12.50%, Scan Inter-8.73%, and Indara Insurance-7.46%. The gainers were AQ Estate+50%, Prakit Holdings+29.13%, and Siam Technic Concrete+13.46%.