Asian Stocks End Lower On Recession Worries

(RTTNews) - Asian markets traded lower on Friday as rate hikes and a hawkish posture by central banks worldwide spooked investor confidence and triggered fears of a recession. Benchmarks in Japan, China, Australia, New Zealand and South Korea plunged into red while the Hang Seng advanced from Thursday's levels.

China's Shanghai Composite Index edged down 0.02 percent to 3167.86. The day's trading ranged between 3,151.61 and 3,175.35. The Shenzhen Component Index lost 63 points or 0.56 percent to close at 11,295.03.

The Japanese benchmark Nikkei 225 shed 525 points or 1.87 percent to end trading at 27,527.12 amidst disappointment over the fall in manufacturing performance scorecard. Earlier, data released showed the Jibun Bank Manufacturing PMI Flash for December dropping to 48.8, from 49 in the previous month. The services PMI reading however increased to 51.7 from 50.3 earlier. The day's trading range was between 27,488.83 and 27,713.04.

Kawasaki Kisen Kaisha gained 2.6 percent and was the top gainer. J. Front Retailing, Keio Corp, Chiba Bank and Odakyu Electric Railway Co followed with gains of less than one percent.

Tokyo Electron was the biggest loser with an overnight decline of 4.47 percent. Hitachi Zosen Corp also dropped more than 4 percent. CyberAgent, Softbank Group Corp and Sumitomo Metal Mining Co, have all shed more than 3 percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 82 points or 0.42 percent from the previous close to finish trading at 19,450.67. The day's trading range was between a high of 19,621.13 and a low of 19,130.53.

Korean Stock Exchange's Kospi Index shed 0.04 percent to close trading at 2,360.02. The day's trading range was between 2,326.83 and 2,360.44.

Australia's S&P/ASX200 closed trading at 7,148.70 after losing 56 points or 0.78 percent. The day's trading was between 7,117.60 and 7,204.80.

Sayona Mining is the biggest gainer with a surge of close to 5 percent. Transportation business Aurizon Holdings also gained more than 4 percent. Kelsian Group, another transportation business and coking coal business Coronado Global Resources, both rallied more than 3 percent. Energy business New Hope Corporation also added close to 3 percent.

Gold miner Silver Lake Resources dropped 6.4 percent. Global fintech company Block also shed more than 6 percent. Biotechnology company Imugene declined 5.7 percent. Alumina refinery Alumina Ltd and gambling business Tabcorp Holdings also declined more than 3 percent.

The NZX 50 of the New Zealand Stock Exchange added 2 points or 0.01 percent to close at 11,603.66. Trading ranged between 11,506.35 and 11,603.66.

Healthcare business Pacific Edge that rallied 7.4 percent is the best performer on the index. Polymer business Skellerup Holdings also surged 6.5 percent. Agribusiness Scales Corporation added 5 percent, apparel manufacturer KMD Brands added 4.8 percent and logistics business Mainfreight gained 3.8 percent.

Electronic components maker EROAD plunged 9.71 percent. Software business Serko, medical instruments business Fisher & Paykel Healthcare, packaged food company A2 Milk, all plunged more than 4 percent. Medical care facilities business Ryman Healthcare also lost more than 3 percent.

The fears of the Fed's aggressive interest rate hiking cycle triggering a painful recession had dragged the Wall Street lower on Thursday, with the Nasdaq Composite shedding a whopping 3.2 percent to close at 10,810.53 and the Dow Jones Industrial Average plunging 2.3 percent to finish trading at 33,202.22.