Asian Markets Trim Gains After Beijing Imposes Lockdowns In 22 Districts

Arjun Pandit
23 May, 2022
New York City

In Asian markets stocks were subdued after China reported rising infection cases in Beijing over the weekend. 

The government extended work-from-home for many of its 22 million residents after the city officials reported 99 new infections in the city. 

The districts of Haidian, Chaoyang, Fengtai, Shunyi, and Fangshan were under stringent lockdowns, China's Global Times reported citing a statement of Beijing's local government spokesperson, Xu in Hejian.

Shanghai Composite index lost early gains to close nearly unchanged at 3,146.86 and the Hang Seng index declined 1.2% to 20,470.86. 

Stocks in Mumbai were also under pressure after the Reserve Bank of India is set to lift rates again at the next policy meeting scheduled on June 6. 

The Sensex and the Nifty indexes lost early momentum after the comment from the RBI governor and the indexes closed down. 

In Tokyo, the Nikkei index increased 27,001.52 and the broader Topix index gained 0.9% to 1,894.57. 

Financial services stocks were in focus after Tokio Marine Holdings Inc soared 7.4% to 7,300 yen. 

Tokio Marine said fiscal year net income more than doubled to 420.48 billion yen or $3.3 billion from 161.80 billion yen a year ago. 

The insurance company guided 2.3% increase in profit in the current year and said it plans to buy back 100 billion yen of its shares in the current year. 

Stocks in Korea advanced for the second day in a row and the Kospi average closed up 0.31% to 2,647.38.

SK Bioscience Co Ltd jumped 4.2% to 133,000 won after the company confirmed that it has delivered its first injectable Vaccine solution for chickenpox to Pan American Health Organization, an agency under the United Nations active in the Latin America.