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Asian Stock Markets Retreat on Central Bank, Recession Outlooks

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Last updated: 09/23/2022 06:34:47

06:34 AM EDT, 09/23/2022 (MT Newswires) -- Asian stock markets fell back Friday on overnight Wall Street cues, tighter central bank policy, and prospects for a global economic slowdown. Hong Kong and Shanghai finished in the red, with Hong Kong striking a fresh 11-year low. Tokyo was closed for holiday.

In Hong Kong, the Hang Sang Index opened evenly but declined through the afternoon, finishing down 1.2% as traders weighed rising global interest rates and eschewed property and tech issues.

The broad gauge Hang Seng fell 214.68 to 17,933.27 as losing issues outnumbered gainers 55 to 14. The Hang Seng TECH Index fell 2.3% on the day, while the Mainland Properties Index fell 2.2%.

The Hang Seng is down 23.3% year-to-date.

On the mainland, the Shanghai Composite fell 0.7% to 3,088.37.

On the other exchanges, the S. Korean KOSPI fell 1.8%; the Taiwan TWSE declined 1.2%; the Australian ASX 200 declined 1.9%; the Singapore Straits Times Index fell 1.1%, and the Thai Set declined 0.8%. In late trading in Mumbai, the Sensex was off 1.7%.

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