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Asian markets settle mostly lower on Friday

24 Mar 2023 Evaluate
Asian markets settled mostly lower on Friday due to concerns over the ongoing US banking crisis, despite Janet Yellen’s reassurance on the safety of American deposits. Chinese shares dropped as heavily indebted Evergrande Group announced its long-awaited debt restructuring deal after 2021 collapse. Japanese shares fell after a survey showed manufacturing activity in Japan contracted for a fifth straight month in March as output and new orders remained under pressure. Moreover, Seoul shares declined amid fears that the central banks of UK, Switzerland and Norway increased interest rates to curb inflation. However, some losses were capped after Wall Street’s overnight gains in anticipation that US interest rate hikes might be nearing an end.

Asian Indices

Last Trade            

Change in Points

Change in %  

Shanghai Composite

3,265.65-21.00-0.64

Hang Seng

19,915.68-133.96-0.67

Jakarta Composite

6,762.2570.641.04

KLSE Composite

1,399.70

-11.28-0.80

Nikkei 225

27,385.25-34.36-0.13

Straits Times

3,212.64-6.36-0.20

KOSPI Composite

2,414.96

-9.52-0.39

Taiwan Weighted

15,914.7050.750.32

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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