Asian stock markets close midweek with losses except for China

By Tuba Sahin

ANKARA (AA) – Major Asian stock markets except for China closed Wednesday with losses amid worries over ongoing Russia-Ukraine war and the possibility of US Federal Reserve interest rate hike.

The Asia Dow, which includes blue-chip companies in the region, fell 54.5 points, or 1.49%, to around 3,601.80 at 1030GMT.

Tokyo’s Nikkei 225 stock exchange slipped 437.7 points, or 1.58%, to 27,350 at the day’s close.​​​​​​​​​​​​​​

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, decreased 421.8 points, or 1.87%, to 22,080.

China’s Shanghai Atock Exchange was the sole index on the positive territory, up slightly by 0.71 points or 0.02%, to 3,283, following a holiday to mark the Ching Ming Festival.

According to a survey released on Wednesday, Chinese services sector activity narrowed at the sharpest pace in two years in March due to lockdown measures.

The Caixin services Purchasing Managers' Index (PMI) fell below the threshold level at 42.0 in March from 50.2 in February.

The Indian Sensex benchmark declined 566 points, or 0.94%, to close at 59,610, while the Singapore index was down 22 points, or 0.64%, to 3,423.

Meanwhile, the Asian Development Bank projected developing and newly industrialized Asian economies would grow 5.2% in 2022 while recovering from the coronavirus pandemic, but warned of fallout from Russia's war on Ukraine.

The growth is expected to pick up pace next year, hitting 5.3% in 2023, backed by a solid rebound in domestic demand and exports.