Market Updates
Asian Markets Trend Lower On Global Slowdown Worries
Arjun Pandit
30 Jun, 2022
New York City
Markets in Asia traded down in cautious trading as global recession worries dominated market sentiment.
The Nikkei 225 index declined 1.5% to 26,393.04, the Hang Seng Index fell 0.6% to 21,859.79.
Tech stocks led the decliners in Tokyo and in Hong Kong.
Toyota Motor dropped 1.3% after the largest automaker missed its latest production target.
Tokyo Electron fell 4.1% to 44,300 yen and Screen Holdings fell 5.4% to 9,170 yen.
The official measure of factory and service activities showed an expansion in June after contracting for three months in a row.
The Kospi average dropped 1.91% to close at 2,332.64.
In Seoul trading, Hyundai Motor gained 2.9% but SK Hynix fell 3.2% and Samsung Electronics dropped 1.7%.
India stocks in volatile trading closed down as global slowdown and elevated inflation worries dominated trading sentiment.
Benchmark indexes in directionless trading charted a volatile pattern.
The Sensex index fell 8.03 to 53,018.94 and the Nifty index eased 18.18 to 15,780.25.
Weak iron ore prices and worries of higher and faster interest rates also dragged down Australian indexes.
The ASX 200 dropped 1.97% to 6,568.10.
Banks led the decliners and Commonwealth Bank of Australia declined 2.8% to $90.38, Westpac Banking Corp dropped 2.2% to $19.50, National Australia Bank fell 2.4% to $27.39, and ANZ declined 2.7% to $22.03.
BHP Group, Rio Tinto and Fortescue Metals gained between 3% and 5%.
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