Business News Asia
Tokyo’s Nikkei closed at a three-month low of 26,235.25, down 272.62 or -1.03%, on fears that the Federal Reserve will raise interest rates further. In addition, the market expects a decline in demand in the semiconductor industry. The losers were Advantest Corp -4.49%, Sapporo Holdings-3.97%, and Nippon Sheet Glass-3.84%. The winners were Kansai Electric Power+5.28%, Fukuoka Financial Group, Inc.+4.77%, and MS&AD Insurance Group Holdings+4.33%.
In Australia, the S&P/ASX 200 closed at 7,107.70 points, down 44.80 points or -0.63%, and the All Ordinaries closed at 7,287.80 points, down 47.40 points or -0.65%, in line with Asian markets. The release of strong U.S. economic data has investors worried that this could be a factor that leads the Federal Reserve (Fed) to raise interest rates. The losers were Westgold Resources-5.98%, GUD Holdings-5.63%, and Star Entertainment-4.80%. The winners were TPG Telecom+2.71%, Polynovo+1.84%, and Cromwell Property+1.50%.
The South Korea Composite Index (KOSPI) closed at 2,313.69 points, down 43.04 points or -1.83% as the won depreciated against the U.S. dollar. The losers were Chorokbaem Healthcare-11.88%, Hancom Lifecare-10.23%, and Feelux-9.25%. Sam-A Aluminiu+14.29%, Kumbi+13.47%, and Jeil Pharm+12.50% were the winners.
China’s Shanghai Composite closed down 8.56 points or -0.28% at 3,045.87 as investors feared that the COVID-19 pandemic in China would affect the economy and consumer spending. The worst performers were Kingsemi Co-10.93%, Nf Foodstuff A-10.03%, and Kangqiang Elect A-10.02%. The best performers were Qtone Education Guangdong (+20%), Guangzhou Frontop Digital Creative (+19.98%), and RocKontrol Technology Group Co(+19.98%).
Hong Kong’s Hang Seng closed down 86.16 points, or -0.44%, at 19,593.06, tracking the U.S. stock market, which fell Thursday (Dec. 22) on investor concerns about a recession. The worst performers were China Financial International Invest (-64.52%), Great World Company Holdings-27.38%, and Man Shun-23.33%. The best performers were China Partytime Culture+118.59%, DT Capital+57.14%, and Sino-Life+37.74%.
In Thailand, the SET moved in a narrow range, but it looked better than the regional stocks that fell. The SET closed at 1,617.55 points, up 0.88 points or +0.05%. The winners were Krua Sugar+9.90%, Samart Digital +7.69. %, and EMC+7.69%. The losers were Jasmine Telecom Systems-11.22%, Nation Group-9.09%, and Tech Innovation-8.26%.