Stock markets deeply divided in Asia, Hong Kong's Hang Seng dives

Tue, 06 Jun 2023

Stock markets deeply divided in Asia, Hong Kong's Hang Seng dives

Lola Evans
24 Oct 2022, 17:01 GMT+10

Asia was deeply divided on Monday in relation to the various stock markets across the region.
In Hong Kong, the Hang Seng tumbled 950 points.
In mainland China, the Shanghai Composite was down 55 points in late trading.

SYDNEY, NSW, Australia - Asia was deeply divided on Monday in relation to the various stock markets across the region.

In Hong Kong, the Hang Seng tumbled 1,030.43 points or 6.36 percent to close at 15,180l69, a level not seen since the Global Financial Crisis in 2008/9.

In mainland China, the Shanghai Composite shed 61.37 points or 2.02 percent to 2,977.56.

Conversely, in Japan, the Nikkei 225 rose 84.32 points or 0.31 percent to 26,974.90.

The Australian All Ordinaries surged 108.50 points or 1.58 percent to 6,978.40.

It was a different story across the Tasman. The S&P/NZXZ 50 declined 49.64 points or 0.46 percent to 10,782.36.

South Korea's Kospi Composite increased 20.25 points or 0.91 percent to 2,233.37.

Stock markets in Singapore, Malaysia, and India were closed Monday for a public holiday.

On foreign exchange markets, the Bank of Japan appeared to intervene again. As the currency was approaching the crucial 150.00 level, several buy orders hit the market, propelling the yen to soar to 145.28. However, sellers relished the high rate and sold the yen off sharply. At the Sydney close, the yen had fallen again to 149.28.

The Australian dollar also tumbled on poor economic data and ahead of the Federal Budget to be delivered on Monday night. The Aussie hit an intra-day high of .6411 before dropping sharply to 0.6316 by the Sydney close. The euro was steady at 0.9834. The British pound traded at 1.1334.

The Swiss franc was little changed at 0.9984. The Canadian dollar edged up to 1.3695. The New Zealand dollar held firm at 0.5726.

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