Asian markets settled mostly lower on Wednesday, tracking weak US stocks overnight and as a slew of disappointing economic readings added to concerns about economic slowdown and tighter monetary policy. Data showed that private-sector business activity in the United States contracted for a second straight month in August, factory activity in the US central Atlantic region contracted in August, and sales of new single-family homes plunged to a 6-1/2-year low in July. Further, persisting recession worries along with power crisis in Europe and China also kept investors nervous. Meanwhile, investors are waiting for US Fed Chair Jerome Powell’s address to the Jackson Hole Symposium this Friday for further cues on how aggressively the Fed is likely to be with future interest rate rises. Chinese property developer Logan Group’s shares dropped in Hong Kong after resuming trading following a three-month halt for failing to report audited earnings on time.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,215.20 | -61.02 | -1.86 |
Hang Seng | 19,268.74 | -234.51 | -1.20 |
Jakarta Composite | 7,194.71 | 31.44 | 0.44 |
KLSE Composite | 1,467.26 | -15.31 | -1.03 |
Nikkei 225 | 28,313.47 | -139.28 | -0.49 |
Straits Times | 3,233.48 | -12.73 | -0.39 |
KOSPI Composite | 2,447.45 | 12.11 | 0.50 |
Taiwan Weighted | 15,069.19 | -26.70 | -0.18 |
