South Korea’s KOSPI plunged, showing the largest drop in the Asian stock market.
Asian stock markets are mixed on the 22nd. As of 9:30 a.m., Korea’s KOSPI plunged 1.01% and fell the most, followed by the Hong Kong Hang Seng Index falling 0.42%.
In comparison, Nikkei rose 0.26%, China’s Shanghai Composite Index rose 0.08%, and Australia’s ASX index rose 0.36%, respectively.
Despite a sharp rebound in the U.S. stock market the previous day, the Asian stock market is showing a mixed trend on the same day because U.S. index futures are falling.
On the previous day, the U.S. stock market rose 2.15% for Dow, 2.45% for S&P 500 and 2.51% for Nasdaq, respectively, as a large number of repulsive buying flowed in due to excessive falls.
However, index futures are falling all at once, albeit slightly. Dow futures were down 0.11%, S&P 500 futures were down 0.09%, and NASDAQ futures were down 0.08%.
In particular, the biggest drop in Korea is attributed to foreigners withdrawing funds from the U.S. interest rate hike as the Korean stock market is still treated as an emerging market.
The Hong Kong stock market closed lower on the 22nd as profit-fixing sales preceded amid growing concerns over capital outflow due to U.S. financial tightening.
The Hang Seng index started at 21,469.74, which was 89.85 points behind the previous day. It reversed its decline in four trading days.
As the index rose for three days until the previous day, selling to realize short-term profits has been rampant, especially in stocks that have soared 3.4%.
The H share index, which is centered on Chinese business owners listed on the Hong Kong stock market, started trading at 7507.67, down 41.91 points from the previous day and 0.56%.
Tang Xun HD, China’s largest Internet service provider, fell 0.68%, Xiaomi, China’s largest e-commerce provider, Alibaba 1.51%, Jingdong Dotcom 4.05%, Meituan Dianping 1.99%, China’s telecommunications owner, China’s Lianxian group, 1.08%, China’s semiconductor maker, and optical component 2%.
