By Investors Hub
Asian markets moved mostly lower on Thursday, with investors treading cautiously after the U.S. Federal Reserve raised interest rates by 25 basis points and hinted at another rate hike this year and a few more in 2019.
Japanese stocks moved to the downside, snapping an 8-day winning streak amid profit taking. The benchmark Nikkei 225 Index slumped 237.05 points or 1 percent to 23,796.74.
Fanuc, Tokyo Electron and Nitori Holdings posted sharp losses, while a few stocks from the automobile sector moved higher on reports the U.S. is unlikely to impose further tariffs on Japanese automotive products for now.
The Chinese markets also closed lower, led by losses in the technology, services and energy sectors. China?s Shanghai Composite Index slid 15.04 points or 0.5 percent to 2,791.78, and Hong Kong?s Hang Seng Index fell 101.20 points or 0.4 percent to 27,715.67.
Data from the National Bureau of Statistics showing Chinese industrial profits increased at a slower pace in August weighed on the markets.
Industrial profits climbed 9.2 percent year-on-year in August, which was much weaker than the 16.2 percent increase seen in July.
Shandong Binzhou Bohai Piston and Tianjin Tianhai Investment declined sharply, while Shandong Swan Cotton Industrial Machinery, Xinjiang Baihuacun Co., and Shanghai Hongda Mining were among the prominent gainers.
Australian stocks edged down marginally. The benchmark S&P/ASX 200 Index dipped 11.10 points or 0.2 percent to 6,181.20, and the broader All Ordinaries Index slipped 8.50 points or 0.1 percent to 6,299.30.
Evolution Mining, Cromwell Property Group, Northern Star Resources and Invocare declined sharply, losing between 1.8 percent and 2.6 percent.
Meanwhile, Beach Energy shares jumped 7.5 percent, Speedcast surged up 6.1 percent and Nanosonics spiked 5.5 percent. Eclipx and Afterpay Touch also rose sharply.
more recommended stories
SEC Modifies Processes of Listing on Nigerian Stock Exchange
By Modupe Gbadeyanka In order to.
Forte Oil to Pay Interim Dividend of N1.15k June 10
By Dipo Olowookere The board of.
NSE Releases Effective Dates of Five New Rules
By Dipo Olowookere The Nigerian Stock.
Wari Takes Financial Services Closer to Customers on WhatsApp
In order to make its customers.
Second 30-Year Bond Sale Records 336% Subscription
By Dipo Olowookere At the May.
FBNQuest Complies With GIPS to Boost Investor Confidence
A subsidiary of FBNQuest Merchant Bank.
Stock Market Gains N408bn as MTN Nigeria Listing Frenzy Persists
By Dipo Olowookere Transactions on the.
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.