Business News Asia
Tokyo’s Nikkei closed lower at 27,899.77, down 30.80 or -0.11%, as buying in export stocks was overshadowed after the yen weakened against the dollar. The losers were Rakuten Inc-5.55%, Softbank Group Corp.-3.86%, and Recruit Holdings-3.19%. Tokai Carbon+4.59%, Eisai+4.06%, and Tokyo Gas+3.97% were the winners.
In Australia, the S&P/ASX 200 closed at 7,151.80, up 16.10 points or +0.23%, and the All Ordinaries closed at 7,354.70, up 15.70 points or +0.21%, driven by buying in banking and energy stocks. The winners were Nuix+21.93%, OZ Minerals+3.95%, and NIB Holdings+3.19%. The losers were Zip-4.94%, EML Payments-4.85%, and Washington H Soul Pattinson-3.88%.
The South Korean Composite Index (KOSPI) closed slightly higher at 2,444.48 points, up 1.58 points or +0.06%, as investors remain concerned about the U.S. tightening monetary policy and the global economic slowdown. As for the currency, the won depreciated against the U.S. dollar. The winners were HJ ShipBuilding Construction+12.95%, Hyundai Construction+12.83%, and Lee Ku Ind+11.51%. The losers were Kyungdong Gas-12.90%, Sebang-9.41%, and STX-7.42%.
China’s Shanghai Composite closed down 18.19 points, or -0.58%, at 3,097.24 points in cautious trading. Investors are assessing the direction of the Federal Reserve’s (Fed) monetary policy after several Fed officials dispelled hopes that the Fed will lower the rate of interest rate hikes due to slowing inflation. The worst performers were FS Dev Investment Holdongs-10.95%, Halo Microelectronics-10.80%, and Qingdao Victall Railway Co-10.03%. The best performers were Hunan Sunny Science (+20.03%), Long Yong Electronic Kunshan (+19.98%), and Hg. Tech(+15.92%).
The Hang Seng in Hong Kong closed down 53.12 points or -0.29% at 17,992.54 points. The worst performers were Shanghai Bio Heart Biological Technology-55.27%, Jolimark-32.05%, and International Standard Resources-26.61%. The best performers were CLSA Premium (+110.34%), JH Educational Technology (+46.15%), and China Strategic (+38.71%).
In Thailand, the SET closed at 1,617.38 points, up 2.43 points or +0.15%. The losers were OCC-16.96%, Tonghua Holdings-12.35%, and S&J International Co, Ltd.-12.33%. The winners were AQ Estate+50%, TWZ+16.67%, and Hana Microelectronics+12.29%.