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Asian markets settle mostly lower on Wednesday

01 Jun 2022 Evaluate

Asian markets settled mostly lower on Wednesday tracking weakness in Wall Street overnight as investors reacted to hawkish comments from a Federal Reserve official, while ongoing global concerns about inflation, aggressive policy tightening and surging energy prices also weighed on market sentiments. Chinese and Hong Kong shares declined on account of lingering concerns over the economic impact from Beijing's tough zero-Covid policy. China’s Caixin/ Markit manufacturing Purchasing Managers’ Index for May came in at 48.1, an improvement over April’s reading of 46 but still remaining below the 50-level mark that separates expansion from contraction. However, some losses were capped by easing of Covid-19 lockdowns in China. Japanese shares gained after a private report stated that Japanese auto companies are expected to post record profits this year on the back of price hikes and cut in some production-related expenses. Meanwhile, the South Korean and Indonesian markets were closed for a holiday.

Asian Indices

Last Trade           

Change in Points

Change in %

Shanghai Composite

3,182.16

-4.27

-0.13

Hang Seng

21,294.94

-120.26

-0.56

Jakarta Composite

--

--

--

KLSE Composite

1,553.41

-16.69

-1.06

Nikkei 225

27,457.89

178.09

0.65

Straits Times

3,244.00

11.51

0.36

KOSPI Composite

--

--

--

Taiwan Weighted

16,675.09

-132.68

-0.79


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