06:55 AM EDT, 04/17/2024 (MT Newswires) -- Asian stock markets largely retreated Wednesday on worries that the US Federal Reserve is plotting a "higher-for-longer" interest-rate regime following recent inflation and economic reports from Washington.

Hong Kong finished even and Tokyo lost ground, although Shanghai bucked trends and gained following a clarifying statement from a Beijing securities regulatory agency. Other regional exchanges largely closed lower.

In Japan, the Nikkei 225 opened evenly, wobbled but finished down 1.3% as traders weighed rising global interest rates.

The benchmark Nikkei 225 fell 509.40 to 37,961.80, as losing issues outnumbered gainers 191 to 32.

Leading the upside was chemical-concern Resonac, while semiconductor-manufacturing equipment maker Lasertec lost 7.9%.

In economic news, Japan logged an international trade deficit in fiscal 2023 ended March of 5.89 trillion yen, down 70% year-over-year, as strong US-bound auto shipments lifted total exports to an all-time record high, the Finance Ministry reported.

In Hong Kong, the Hang Seng Index opened evenly, see-sawed, and finished essentially flat.

The broad gauge Hang Seng rose 2.87 to 16,251.84, as gaining issues outnumbered losers 41 to 37. The Hang Seng TECH Index gained 0.1% on the day, while the Mainland Properties Index also rose 0.1%.

Leading the upside was Wuxi AppTec, gaining 4.8%, while Macau gaming-house Galaxy Entertainment declined 7.1%.

On the mainland, the Shanghai Composite rose 2.1% to 3,071.38, reversing a two-day sell-off in small cap issues.

In market news, the China Securities Regulatory Commission said Tuesday that the latest planned exchange-listing rules target "zombie" companies or "bad actors" in the market, but not ordinary small-cap stocks.

On the other regional exchanges, the S. Korean KOSPI fell 1%; the Taiwan TWSE inclined 1.7%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index rose 0.3%, and the Thai Set declined 2.1%. In late trading in Mumbai, the Sensex was down 0.6%.

http://www.mtnewswires.com
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.