Asian stock markets close lower on recession worries

The Hang Seng in Hong Kong closed at 18,814.82 points, down 626.36 points, or 3.22%, as investors fear a global recession. This overshadows the positive factor of the news that the Chinese government announced the relaxation of COVID-19 control measures. The worst performers were Kiu Hung Intl(-66.25%), Magnus Concordia(-31.15%), and Golden Ponder(-20.62%). The best performers were eprint+52.50%, DreamEast+48.51%, and Cornerstone Technologies Holdings+38.50%.

China’s Shanghai Composite closed at 3,199.62 points, down 12.91 points or -0.40%. The worst performers were Beijing Urban Construction (-10.07%), Yang Guang A (-10.05%), and Sz Real Est A (-10.02%). The best performers were Hubei Goto Biopharm Co+20.02%, Sinotherapeutics+20%, and Nanjing. Hickin Pharma+20%.

South Korea Composites (KOSPI) closed the fourth day down 10.35 points or -0.43% at 2,382.81 as investors remained concerned that the U.S. Federal Reserve (Fed) may further tighten its monetary policy measures following the release of strong economic data. The losers were Dynamic Design-12.86%, Taeyang Metal-11.38%, and Kumbi-9.85%. The winners were Hancom Lifecare+12%, Camus Engineering & Construction+9.49%, and Jeju Air Co Ltd+7.72%.

In Australia, the S&P/ASX 200 closed at 7,229.40 points, down 61.90 points or -0.85%, and the All Ordinaries closed at 7,423.20 points, down 64.50 points or -0.86%, in line with Asian stock markets, which fell on concerns about a global recession. The losers were Beach Energy-9.89%, Megaport Ltd-6.30%, and Technology One-6.08%. The winners were Omni Bridgeway Ltd+3.66%, Champion Iron Ltd+2.75%, and NIB Holdings+2.41%.

Tokyo’s Nikkei closed at 27,686.40 points, down 199.47 points or -0.72%, led by Japanese tech stocks which fell in line with tech stocks in the U.S. yesterday. The losers were Tokyo Electron-3.78%, Ajinomoto Co, Inc.-2.30%, and TDK-2.27%. The winners were Fujikura+3.68%, Isetan Mitsukoshi Holdings+3.54%, and Fukoka Financial Group, Inc.+3.17%.

In Thailand, the SET closed at 1,623.01 points, down 9.96 points or 0.61%. The closing losers were Team Precision-12.06%, Thepthani Kreetha-8.52%, and Boutique New City-8%. The winners were Nation Group+11.11%, PP Prime+8.33%, and Dcon Products+8.11%.

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