Asian Stocks Stumbled on Fed’s Rate Hike to Quell Inflation

Kuala Lumpur, Sep 22 (Thursday) – Bursa Malaysia ended in red today with the barometer index FBM KLCI down 8.02 points or -0.55% to 1,439.16. Asian bourses tumbled down at the closing on renewed recession fears following another aggressive rate hike from the US Federal Reserve. The latest move by the Fed marks the third straight 75 basis point rate hike and lifts to the highest level since 2008.

Australia Stock Exchange is closed for National Mourning Day.

Meanwhile, Hong Kong’s Hang Seng Index (HSI) dived 1.61% and barely stayed above the 18,000-point plateau. Banking stocks were badly hit, HSBC’s share price down 3.6%, hitting 9-month low. HKEX fell 2.8% at its 2-month low. HSI also dragged by tech index, which shrank 1.7%. HSI stumbled due to the Hong Kong Monetary Authority raised its base rate charged through the overnight discount window by three-quarters of a percentage point to 3.5 percent.

Singapore STI Index opened lower and tracked losses in the region and overnight on Wall Street after the US Federal Reserve raised interest rates. But the index narrowed its losses towards the afternoon trading session and ended in mildly positive note. The STI was supported by dip-buying.

** The FTSE BM KLCI opened at 1,444.87. The index fluctuated between 1,435.76 – 1,448.51

** 372 counters are gainers, 424 counters are unchanged, while 447 counters are losers.

** Total volume of 2,167,318,200 shares changed hands; while Turnover of RM 1,679,037,930

** The Top 5 Gainers: PETGAS (16.72, +0.32); NSOP (3.69, +0.31); HSI-HKL (0.765, +0.265); HARISON (6.90, +0.16); SP500-H13 (2.55, +0.16)

** The Top 5 Losers: NESTLE (128.40, -1.60); FANG-2XL (6.10, -0.52); DLADY (31.10, -0.50) ; PANAMY (23.88, -0.42); PPB (15.88, -0.38)

** The Top 5 Active : SAPNRG (0.04, UNCHANGED); TOPGLOV (0.63, -0.015); RGB (0.14, +0.01); VINVEST (0.19, -0.04); EIB (0.315, +0.015)

* Singapore’s Straits Times Index (STI) gained 1.28 points or +0.04% to 3,263.07; Hong Kong’s HSI slid 296.67 points or -1.61% at 18,147.95; Japan’s Nikkei 225 Index ceded 159.30 points or -0.58% at 27,153.83; Shanghai’s SSE Index dropped 8.27 points or -0.27% at 3,108.91; Korea’s KOSPI Index shed 14.90 points or -0.63% at 2,332.31; Australia stock market is closed today.

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