Asian stock markets close Monday in red

By Gokhan Ergocun

ISTANBUL (AA) - Most of major Asian stock markets closed the first transaction day of the week with losses amid global inflationary concerns and recession expectations.

After more than expected inflation figures in the US last week, with 8.3%, hawkish stance expectations from the Fed and other central banks increased, which fuels recession possibility.

On Monday, China’s central bank cut the borrowing cost of 14-day reverse repos and increased cash injections into the economy in a bid to boost growth, which was hit by COVID-19.

China's central bank injected 2 billion yuan ($286.5 million) through seven-day reverse repos.

The Asia Dow, which includes blue-chip companies in the region, dropped 15.96 points, or 0.52%, to reach 3,026.88.

Tokyo’s Nikkei 225 stock exchange decreased 308.26 points, or 1.11%, to close at 27,567.65.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, was down 195.72 points, or 1.04%, to 18,565.97.

China’s Shanghai Stock Exchange fell by 10.80 points, or 0.35%, to close at 3,115.60.

The Indian Sensex benchmark, meanwhile, earned 300.44 points, or 0.51%, to end the day at 59,141.23.

The Singapore index was also up by 11.98 points, or 0.37%, to finish at 3,256.31.