On March 24th, 2023, Asian stock markets closed lower, with investors continuing to worry about financial system problems in Europe and the United States, as they evaluated the opinion of US Treasury Secretary, Janet Yellen.
Tokyo’s Nikkei closed at 27,385.25 points, down 34.36 points, or -0.13%, due to concerns about the banking crisis, ending slightly lower on semiconductor stocks. Similarly, South Korea’s Composite closed down at 2,414.96 points, down 9.52 points, or -0.39%, due to market sentiment waning from concerns about rate hikes after the US Federal Reserve (Fed) and the Bank of England (BoE) raised interest rates.
In Australia, the S&P/ASX 200 closed at 6,955.20 points, down 13.40 points or -0.19%, and All Ordinaries closed at 7,137.60 points, down 11.00 points or -0.15%, reflecting the overall trend of Asian stock markets that were mostly down, as investors continue to worry about the crises in the US and European banking sectors.
China’s Shanghai Composite closed down at 3,265.65, down 21.00 points, or -0.64%, due to concerns about the dispute between China and the United States, as members of the US Congress prosecuted TikTok CEO Zhou Shouzhi, accusing the app of displaying content that could be harmful to young people.
Similarly, Hong Kong’s Hang Seng ended lower at 19,915.68, down 133.96, or -0.67%, as investors remained concerned about the crisis in the US banking sector, despite the US Treasury Secretary urging Americans to protect their bank deposits, while the US Federal Reserve (Fed) signaled that the cycle of raising interest rates was nearing an end.
Finally, in Thailand, the SET closed at 1,591.85 points, down 1.80 points or -0.11%, fluctuating within a narrow range without new factors to support the market.
Overall, the Asian stock markets closed lower as investors evaluated the opinion of US Treasury Secretary, Janet Yellen, while continuing to worry about financial system problems in Europe and the United States.