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Asian Banking Woes Subside, Financial Markets Surge

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Asian indices rose on Wednesday as worries about the global financial system eased after the collapse of three US banks.

The Tokyo, Hong Kong and Sydney stock markets rose, while the Shanghai stock exchange index fell under the influence of the Wall Street stock exchange and rising oil prices.

Fears that global banks will collapse under the weight of high interest rates to lower inflation raised fears of a slowdown in economic growth, but financial markets felt some relief after regulators announced measures to support the financial system.

“It seems clear that investors haven’t completely shed their worries and concerns,” Robert Carnell and ING’s Min Ju Kang said in a report.

The Shanghai Composite index lost less than 0.1 percent to 3,243.06 points, while the Tokyo Nikkei 225 index rose 0.8 percent to 27,728.70 points.

The Hang Seng Index in Hong Kong jumped 1.9 percent to 20,165.60 after Chinese e-commerce giant Alibaba Group announced plans to split it into six units for more flexibility and open doors for investors. He said it will include e-commerce, entertainment and logistics.

The Kospi index in the South Korean capital remained unchanged at 2435.60 points, while the S&P-ASX 200 index in Sydney rose 0.2% to 7050.30 points.

On the Wall Street stock exchange, the S&P 500 index fell 0.2 percent yesterday, Tuesday, to 3,971.27 points. Most of the index stocks made a profit, but this growth was offset by a significant drop in the shares of a number of banks and modest losses in technology stocks.

Source: AB

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