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Asian stock markets closed lower after Fed rate hike decision

The South Korean Composite (KOSPI) closed at 2,360.97 points, down 38.28 points, or -1.60%, after the U.S. Federal Reserve (Fed) signaled that it will continue to raise interest rates next year and warned of an economic slowdown. The won depreciated against the U.S. dollar. The losers were Kolon Globalco-10.87%, KakaoPay-9.35%, and KakaoBank-9.23%. The winners were Hanchang+29.43%, Kyongbo Pharmaceutcal Co Ltd+16.49%, and II Dong Pharma+14.14%.

China’s Shanghai Composite closed down 7.88 points, or -0.25%, at 3,168.65 as the market was pressured by concerns over China’s COVID-19 situation and a string of disappointing economic data from China, including November retail sales. The worst performers were Beijing Highlander Digital Technolo(-17.66%), Qingdao Huicheng Environmental(-14.91%), and Goldlok Toys A(-10.05%). The best performers were Sublime China Information+20%, Shenzhen Etmade+20%, and Guangdong. Failong Crystal Tech+20%.

In Australia, the S&P/ASX 200 closed at 7,204.80, down 46.50 or -0.64%, and the All Ordinaries closed at 7,390.30, down 48.40 or -0.65%, led by mining stocks as investors are concerned about an economic slowdown. The losers were Pibara Minerals Ltd-11.43%, Megaport Ltd-6.27%, and Westgold Resources-6.25%. The winners were Blackmores+7.47%, Whitehaven Coal+3.87%, and Elders+2.98%.

Tokyo Nikkei closed slightly lower at 28,051.70, down 104.51 or -0.37%. The losers were Shiseido-2.32%, Chugai Pharmaceutical-2.6%, and Nisshin Seifun Group Inc.-1.98%. The winners were Kawasaki Heavy Industries+5.02%, Mitsubishi Heavy Industries+4.13%, and Hitachi Zosen Corp.+3.10%.

The Hang Seng in Hong Kong closed at 19,368.59 points, down 304.86 points or -1.55%, after the Federal Reserve (Fed) raised interest rates by 0.50% at its last meeting, as expected. This signals that interest rates will be raised for a longer period of time to bring inflation back to its target of 2%. The worst performers were ST International-69.75%, Million Stars-28.86%, and Steed Oriental-27.62%. The best performers were Pujiang International Group+86.49%, CWT Intl+45.31%, and C&N Holdings+35.71%.

In Thailand, the SET fell in line with other regional stock markets to 1620.28 points, down 13.08 points or -0.80%. The losers were Stark Corporation-8.67%, Shinger Thailand-8.06%, and Nation Group-7.69%. The winners were Gratitude Infinite+12.07%, CPT Dai Iron and Power+9.72%, and Syn Munkong Insurance+7.24%.

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