Asian stocks close without direction, with fears about China and after gains in NY

Stocks in Asia and the Pacific closed without a single direction on Friday (29), amid concerns about China’s economic performance and after another round of gains on Wall Street.

The main Chinese stock index, the Shanghai Composite slipped 0.89% to 3,253.24 points, while the less comprehensive Shenzhen Composite slipped 1% to 2,181.25 points.

On Thursday (28), Chinese authorities acknowledged that the country’s economy is struggling and that it will not be able to meet the 5.5% growth target set for 2022.

They also reiterated that they will maintain a zero-tolerance policy against Covid-19, despite the economic and social costs.

It was Hang Seng, however, that led the losses in the Asian region. The Hong Kong index tumbled 2.26% to 20,156.51 points as Alibaba’s share tumbled 6.10% after reports that fintech Ant Group aims to move away from the e-commerce giant. Chinese commerce.

In Tokyo, the Japanese Nikkei had a marginal loss of 0.05%, at 27,801.64 points, influenced by the appreciation of the yen against the dollar in recent hours.

Some markets in Asia and the Pacific, however, were in the black after New York stocks closed yesterday’s trading higher on hopes that the US technical recession will prompt the Federal Reserve (Fed, the US central bank) to moderate the rate of interest rate hikes.

This week, the Fed raised its interest rates by another 75 basis points, in a new attempt to contain the soaring inflation in the US.

In Seoul, the South Korean Kospi advanced 0.67%, to 2,451.50 points, while in Taiwan, the Taiex rose 0.73%, to 15,000.07 points.

In addition, in Oceania, the Australian stock market rose 0.81% on the S&P/ASX 200 index, at 6,945.20 points.

With information from Dow Jones Newswires and Associated Press