China’s top stocks closed on Wednesday at their lowest level in more than four months, with global peers also falling ahead of an expected aggressive interest rate hike from the US Federal Reserve.
Hong Kong’s main stock index fell to its lowest level since mid-March.
Russian President Vladimir Putin on Wednesday ordered the first deployment of Russian reservists since World War II, raising concerns about an already fragile market.
Foreign investors have sold Chinese shares worth more than 3.4 billion yuan ($480 million) so far through the Stock Connect system.
Investors fear that rising interest rates abroad will drain liquidity from China’s markets and limit the country’s central bank’s space for future monetary easing.
“The rapid depreciation of the Chinese yuan really has an impact on China’s stock market,” analysts at Guosheng Securities wrote in a note, adding that the cash outflow also affected the mood of the markets.
Shares in healthcare and semiconductor companies led the declines in the Shanghai index, falling more than 2%, while developers and energy providers rose 0.5% and 0.6%, respectively.
- In TOKYO, the Nikkei index fell 1.36% to 27,313 points.
- In HONG KONG, the HANG SENG index fell 1.79% to 18,444 points.
- In SHANGHAI, the SSEC index lost 0.17% to 3,117 points.
- The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, dropped 0.74% to 3,903 points.
- In SEOUL, the KOSPI index fell by 0.87% to 2,347 points.
- In TAIWAN, the TAIEX index dropped 0.86% to 14,424 points.
- In SINGAPORE, the STRAITS TIMES index fell by 0.16% to 3,261 points.
- In SYDNEY, the S&P/ASX 200 index fell 1.56% to 6,700 points.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
