Market Updates
Asian Markets Look Down, China Brings Back Lockdown In Megacities
Arjun Pandit
11 Oct, 2022
Mumbai
Asian markets traded lower reflecting a growing list of global worries, reflecting earnings anxieties and another Covid-19 virus flare in China.
Chinese authorities stepped up zero Covid-19 policy crack down as infections begin to rebound ahead of the gathering of Communist party leaders.
Chinese authorities imposed fresh lockdowns and restricted travel after Covid-19 cases rebounded at the end of Golden Week holiday.
Outbreaks have been reported in Inner Mongolia, Xinjiang and Shanxi provinces.
Communist Party leaders are scheduled to meet for its annual congress on October 16.
The Nikkei 225 average decreased 2.64% to 26,401.25 and the Topix index fell 1.86% to 1,871.24, after a 3-day weekend.
Tech stocks in China led the decliners after the U.S. tightened semiconductor technology and equipment sale restrictions.
The Shanghai index closed higher 0.2% to 2,979.79 after COSCO Shipping Holdings Co Ltd offered a positive outlook.
The benchmark indexes in India fell on the worries that the rising U.S. dollar will stoke worldwide inflation and slow down economic growth rate.
The Sensex closed down 843.79 points or 1.46 percent, to 57,147.32 and the Nifty index fell 257.45 points or 1.49% to 16,983.55.
The tech heavy Kospi average fell 1.83% to 2,192.07 following a 3-day holiday and investors turned cautious ahead of the U.S. consumer inflation data on Wednesday.
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