Asian stock markets closed with mixed results today, reflecting investor uncertainty amid global economic indicators and regulatory developments.
In Hong Kong, the Hang Seng index edged slightly higher, closing at 16,251.84 points, up 2.87 points or +0.02%. This uptick followed remarks by Jerome Powell, Chairman of the Federal Reserve (Fed), suggesting a prolonged period of high interest rates.
China’s Shanghai stock market experienced gains, closing at 3,071.38 points, up 64.31 points or +2.14%. The positive sentiment followed clarification from the China Securities and Exchange Commission (CSRC) on new delisting regulations, easing concerns after a recent sell-off of stocks with low registered capital.
Conversely, South Korea’s Composite (KOSPI) closed negative for the fourth consecutive day, at 2,584.18 points, down 25.45 points or -0.98%. Investors reacted to comments from Fed officials, including Chairman Powell, indicating a need for sustained high interest rates, compounded by escalating tensions in the Middle East. The South Korean won, however, strengthened against the US dollar.
In Tokyo, Japan’s Nikkei index closed lower for the third consecutive day, at 37,961.80 points, down 509.40 points or -1.32%. The index slipped below the 38,000 level following Chairman Powell’s remarks on the need for prolonged high interest rates.
Adding to the market uncertainty, Singapore reported a larger-than-expected drop in export sales, further contributing to the cautious sentiment prevalent across Asian markets. Investors are closely monitoring global economic developments and regulatory actions for signals on future market directions.
Meanwhile, in Australia, the S&P/ASX 200 and All Ordinaries indices closed slightly lower, reflecting concerns that the Fed may not implement interest rate cuts this year. The S&P/ASX 200 closed at 7,605.60 points, down 6.90 points or -0.091%, while the All Ordinaries closed at 7,861.00 points, down 1.30 points or -0.017%.