Asian stocks higher amid rising concerns over global recession

By Aysu Bicer

ANKARA (AA) - Asian markets on Tuesday closed higher amid concerns about the high interest rate environment and as the repercussions of the stronger dollar on the economies continue to weigh in the global markets.

The OECD on Monday lowered its growth forecast for the global economy from 2.8% to 2.2% for next year.

The global body also lowered its growth forecasts for the Chinese economy for 2022 and 2023, respectively, to 3.2% and 4.7%.

Another revision came from the World Bank which downwardly revised its forecasts for China's economic growth.

In the face of increasing risks, the People's Bank of China continued its short-term liquidity support to meet the cash needs of the markets. The country stepped up efforts to save jobs, with some 64.63 billion yuan ($9.19 billion) being channeled to businesses this year.

Meanwhile, the Bank of Japan announced an unplanned bond-buying program.

On the macroeconomic data side, industrial profits in China fell 2.1% year-on-year in the January-August period.

With these developments, China's Shanghai Composite Index rose by 1.4% to 3,094 points, while South Korea's Kospi Index up by 0.1% to 2,224 points.

Japan's Nikkei 225 index closed the day at 26,572 points with an increase of 0.5%.

The dollar/yen parity is trading at 144.3 -- 0.3% below the previous closing level.

India's Sensex index went up 0.4% to 57,375 points, and Hong Kong's Hang Seng rose 0.1% to 17,870 points.