Asian indices down, Chinese and Australian bank suffer following Fed's rate hike

  • Regular
  • Asian Market
  • 5 months ago
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The Fed’s decision to raise rates has already taken effect as Asian indices and Bank sectors declined following the news.

Starting with China, the Shanghai composite retreated by 0.82% and the Shenzhen composite too fell by 0201%.

Its banking sector saw declines as the Industrial and Commercial Bank of China tumbled by 1.88%, the Agricultural Bank of China fell by 1.70% and the China Construction Bank slipped by 2.29%.

Meanwhile Hong Kong's Hang Seng decreased by 1.13% due to HSBC’s loss of 0.85%.

Japan's indexes both saw losses as SoftBank’s shares continued to disappoint, the Nikkei225 and Topix shed 3% and 2.755 respectively.

South Korea's Kospi fell behind by 1.4% due to LG Electronics suffering a dip of 4.75%.

Over in Australia, the ASX 200 slid by 0.76% and its banking sector did not fare too well either.

ANZ dropped by 1.23%, National Australia Bank fell by 0.81%, the Commonwealth Bank of Australia too dropped by 0.29% and Westpac retreated by 0.33%.



Source: Smart Trend Team