Regional Stock Exchange Plunges Due to The Fed's Interest Rate Hike

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Viva Budy Kusnandar 09/05/2022 20:10 WIB

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Last week's decline in the US stock market, triggered by negative sentiment surrounding the Fed's interest rate hike, was met with a negative response from Asian regional markets in early trading this

US and Asian Regional Stock Market Movement (May 9, 2022)

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US and Asian Regional Stock Market Movement (May 9, 2022)

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The threat of high US interest rates weighed heavily on stock price movements in Asian regional exchanges.

Last weekend, the Dow Jones stock index closed down 5.4% to 32,899.37, impacted by the negative sentiment surrounding the US central bank's (The Federal Reserve/The Fed) interest rate hike of 50 basis points (bps) to 1% on Wednesday (May 4, 2022).

This fall in the US market was met with a negative response from Asian regional exchanges at the beginning of this week's trading.

On Monday (May 9, 2022), the Vietnamese stock exchange index (HNX) closed down 5.84% to 323.39 from its closing position at the end of last week.

This fall in the Vietnamese market was the sharpest compared to other Asian regional exchanges.

The next deepest decline in Asian regional exchanges was experienced by the Indonesian exchange (IHSG), which corrected by 319.16 points or 4.42%, falling below the psychological level of 7,000.

On the first day after the long Eid al-Fitr holiday, the Jakarta Stock Exchange index plummeted to 6,909.75 on Monday (May 9, 2022).

Previously, the positive sentiment surrounding Indonesia's economic growth of 5.01% in Q1 2022 compared to Q1 2021 (year on year/yoy) had met investor expectations.

However, investor attention is now focused on global sentiment, due to high US inflation leading to the Fed's interest rate hike.

At the same time, the Hong Kong stock exchange index (Hang Seng) corrected by 3.81% to 20,001.96, while the Japanese stock exchange index (Nikkei 225) fell by 2.53% to 26,319.34.

The Philippine stock exchange index (PSE) then decreased by 1.59% to 6,759.9, and the Thai stock exchange index (SET 50) fell by 1.29% to 954.33.

Similarly, the Korean stock exchange index (Kospi) fell by 1.27% to 2,610.81, the Malaysian stock exchange index (KLCI) corrected by 0.97% to 1,549.18, and the Singaporean stock exchange index (Straits Times) fell by 0.51% to 3,275.07.

The threat of high interest rates in the US caused investors to divest from their portfolios considered risky and shift to assets considered safer, namely the US dollar, especially in the form of bonds.

High inflation in the US means the Fed is still likely to raise its benchmark interest rate at the next Governor's Board meeting, scheduled for June and July 2022.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Regional Stock Exchange Plunges Due to The Fed's Interest Rate Hike

Regional Stock Exchange Plunges Due to The Fed's Interest Rate Hike

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Regional Stock Exchange Plunges Due to The Fed's Interest Rate Hike

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