Asian markets reacted sharply to the rising tensions in the Middle East as most of the benchmark indices ended the day in red.
The investors treaded with caution as the US President gave mixed signals about possible strikes on Iran, coupled with the US Federal Reserve’s recent rate freeze, created a mixed bag across the region.
Wall Street remained muted on Wednesday amid escalating tensions and as the uncertainties grow, the market sentiment is going towards the negative territory.
Asian markets close: Japan’s Nikkei 225 shed gains
After a nice three-day winning streak that saw it hit its highest point since late February, Japan’s Nikkei 225 finally took a breather, dropping a full 1%.
Out of all Nikkei stocks, 159 fell while just 62 advanced, showing widespread weakness. Trend Micro plunged 8.4% and Screen Holdings lost 4%. Bucking the trend, Nippon Steel rose 2.3% after sealing its $14.9 billion deal to acquire US Steel.
Over in Hong Kong, the Hang Seng Index had a rough day, tumbling a significant 473 points, or 2%, to close at 23,238.
This marks its third straight loss and brings it precariously close to a three-week low. The selling was pretty broad-based, with tech and China enterprise stocks seeing particularly sharp declines.
Among the biggest losers were Pop Mart, which slid 5.7%, JD Health, dropping 5%, Trip.com, down 4.1%, and Meituan, losing 3.8%.
Kospi remains in green while anxieties remained higher in China
South Korea’s benchmark stock index Kospi continued the upward trend for the fourth day in a row, as investors grappled with the latest developments in the Israel-Iran military conflict.
The index closed at 2,977.74, adding 5.55 points (or 0.19 percent) and extending its winning streak, which began on Monday.
China’s CSI 300, which tracks its top 300 large and mid-cap stocks, also saw a dip. It dropped by 31.88 points, or 0.82%, to finish the day at 3,843.09.
Similarly, Australia’s S&P/ASX 200 ended slightly lower, closing down by 7.50 points, or 0.09%, at 8,493.80. This slight decline really highlights how global events are continuing to cast a shadow over market sentiment, even down under.
Sensex, Nifty sees mixed action
Indian equity indices ended a rangebound session with modest losses on June 19.
BSE Sensex started the day in red, but then displayed a bullish trend. The index shifted throughout the day and finally ended 82 points lower at 81,361.87. The story was similar for Nifty 50 which ended 0.28% down at 24,743.45
Tata Consumer, Eicher Motors, M&M, Wipro, and Apollo Hospitals were among the top gainers on the Nifty, while Adani Ports, Bajaj Finance, IndusInd Bank, Coal India, and Adani Enterprises were notable losers.
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