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Asian Stock Markets Largely Decline on US Federal Reserve Prospects

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Last updated: 09/22/2022 06:41:39

06:41 AM EDT, 09/22/2022 (MT Newswires) -- Asian stock markets largely declined on Thursday, after the US Federal Reserve on Wednesday raised its key interest rate by 75 basis points and indicated more rate hikes were pending. Hong Kong, Shanghai and Tokyo all lost ground, as did other regional exchanges, excluding Bangkok. Sydney was closed on holiday.

In Japan, the Nikkei 225 opened lower Thursday and could not recover, finishing down 0.6%.

The benchmark Nikkei 225 fell 159.30 to 27,153.83, as losing issues outnumbered gainers 152 to 62.

In other news, Japan officials stepped into currency exchange markets to break the declining value of the yen, said Masato Kanda, Japan's top currency diplomat, The Mainichi newspaper reported. The yen, which had traded down to nearly 146 to the US dollar during early market hours, moved to nearly 143 yen to the greenback after the intervention.

In Hong Kong, the Hang Seng Index opened lower and drifted sideways, finishing down 1.6%.

Following the Fed action, the Hong Kong Monetary Authority, the central bank for the former Crown colony, raised its key rate by 75 basis points to 3.5%.

The broad gauge Hang Seng fell 296.67 to 18,147.95, nearing an 11-year low, as losing issues outnumbered gainers 62 to 11. The Hang Seng TECH Index declined 1.7% on the day, while the Mainland Properties Index fell 0.7%.

On the mainland, the Shanghai Composite fell 0.3% to 3,108.91.

On the other exchanges, the South Korean KOSPI fell 0.6%; the Taiwan TWSE declined 1%; the Singapore Straits Times Index was flat and the Thai Set inclined 0.7%. In late trading in Mumbai, the Sensex was off 0.6%.

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