Hong Kong’s Hang Seng Index is the only major market in Asia that can stay afloat in the morning session on Friday as recession fears grow.
Earlier, Hong Kong Chief Executive John Lee said that it is highly possible to reopen the border with mainland China in 2023, which is seen as a sign of the removal of Covid controls.
As of 11:01 BKK time on Friday, Nikkei plunged 1.64%, SSEC dropped 0.25%, Kospi slipped 0.16% and ASX 200 fell 0.36% while Hang Seng Index gained 0.19%. Hong Kong’s market rose more than 1% in the early morning, but started to climb down afterward.
Thailand’s SET Index fell 0.81 points or 0.05% to 1,619.47 points.
Several central banks around the world decided to raise interest rates this week, led by the U.S. Federal Reserve with a 50bps increase. The European central bank and Bank of England also increased rates by 50bps.