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Asian Stock Markets Close Lower in Thursday’s Session

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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