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Asian exchanges closed the Wednesday trading session on a red territory

Asian exchanges

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Asian exchanges closed the Wednesday trading session on a red territory after news that one of US President Donald Trump’s top advisors resigned, which has increased the fears for a trade war.
The blue chip index in Tokyo, Nikkei 225, declined by 0.77% to 21,252.72 points. The representatives of the iron and steel producers reported a 2.12% average fall in their stock price. They would be most affected by the possible introduction of a customs duty on imports of steel and aluminum in the United States. The shares of Japanese company Kobe Steel fell by 7.39% after it became clear that its CEO, Hiroya Kawasaki, would resign on April 1 after the data falsification scandal.
In South Korea, the index Kospi wiped out 0.4% of its value to 2,401.82 points after climbing on green territory earlier in the day. Despite the prevailing market negativity, Samsung Electronics’s shares rose by 3.4%, while the market capitalization of SK Hynix expanded by 0.36%.
In Hong Kong, the index Hang Seng moved in negative territory by 0.99% to 30,208.39 points.
In China, Shanghai Composite reported a decline of 0.55% to 3,271.67 points.
In Australia, the local S&P/ASX 200 declined by 1.01% to 5,902 points. All sub-indices ended the day on red, except for gold producers shares, which rose by 1.49%. The financial index posted a loss of 1.13%.
The Wednesday’s market turmoil was caused by the news that Donald Trump’s chief economic advisor, Gary Cohn, who was firmly opposed to the US President’s decision to impose duties on steel and aluminum imports, resigned. In the US administration, Gary Cohn was the biggest opponent of the Trump’s planned duty of 25% on imported steel and 10% on imported aluminum. He tried to dissuade Trump from his intention, but the US President confirmed yesterday that he would impose these duties in the coming days.