Asian stocks end mixed amid recession concerns

By Aysu Bicer

ANKARA (AA) - Asian stocks closed Tuesday with mixed figures as investors continued searching for direction amid growing recession concerns around the world.

Russia announced that they had stopped the natural gas flow to Europe until the sanctions were lifted, worsening the energy crisis.

In China, which has adopted a zero-case policy amid the pandemic, the government announced its support package plan as the measures taken slowed down the economic growth.

Although no details are given regarding the amount of expenditure, it is stated that measures to increase borrowing and expand credit channels will be taken.

The People's Bank of China also reduced the foreign exchange rate that local institutions had to hold as reserves, paving the way for banks to provide more foreign currency-based commercial loans.

The Japanese yen weakened to 141 against the US dollar, its lowest level since August 1998, fueled by a widening policy gap between the Bank of Japan and the US Federal Reserve.

While the Japanese central bank is sticking to its ultra-loose monetary policy, the Fed is expected to continue monetary tightening to tame inflation.

Tokyo’s Nikkei 225 stock exchange went up 6.90 points, or 0.02%, to 27,626.51.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, fell 22.97 points, or 0.12%, to 19,202.73.

China’s Shanghai Stock Exchange was up by 43.53 points, or 1.36%, to close at 3,243.45.

The Singapore index rose 8.70 points, or 0.27%, to finish at 3,224.18.

The Indian Sensex benchmark diminished 48.99 points, or 0.08%, to end the day at 59,196.99.