On March 23, 2023, Asian stock markets followed the US Federal Reserve’s decision to raise interest rates by 0.25%. This move was widely anticipated by the market, but concerns about a crisis in the global banking sector still loomed.
Japan’s Nikkei closed at 27,419.61 points, down 47.00 points or -0.17%. Meanwhile, South Korea’s composite index ended up at 2,424.48, up 7.52 points or 0.31%, led by strong gains in technology stocks. In China, the Shanghai stock market closed up at 3,286.65 points, up 20.90 points or +0.64%, due to strong performance from major Chinese technology companies like Tencent.
On the other hand, Australia’s S&P/ASX 200 closed at 6,968.60 points, down 47.00 points or -0.67%, and All Ordinaries closed at 7,148.60 points, down 52.10 points or -0.72%. Hong Kong’s Hang Seng ended up at 20,049.64 points, up 458.21 points or +2.34%. In Thailand, The SET closed up at 1,593.76 points, an increase of +8.50 points or 0.54%.
The interest rate hike by the US Federal Reserve was a major factor in the day’s trading, and investors will be watching closely for any further developments that may impact the markets in the coming days.