Asia markets close mixed as cautious stance remains

Record ID: 1717441

  • Title: Asia markets close mixed as cautious stance remains
  • Date: 27th March 2023
  • Summary: TOKYO, JAPAN (MARCH 27, 2023) (REUTERS) DIGITAL SCREENS SHOWING NIKKEI 225 FIGURES MOVING PEDESTRIAN WALKING ELECTRONIC SCREEN SHOWING THE TOKYO STOCK EXCHANGE CLOSING ANIMATION ELECTRONIC SCREEN SHOWING VARIOUS INDICES AFTER TRADING HOURS ELECTRONIC SCREEN SHOWING NIKKEI 225 CLOSING AT 27,476.87, UP 91.62 POINTS SCREEN SHOWING NIKKEI 225 SCREEN SHOWING VARIOUS INDICES MOVING ELECTRONIC TICKER SHOWING STOCK PRICES SCREEN SHOWING NIKKEI FIGURES EXTERIOR OF TOKYO STOCK EXCHANGE SIGN READING (English): "TOKYO STOCK EXCHANGE" SYDNEY, AUSTRALIA (MARCH 27, 2023) (REUTERS) EXTERIOR OF EXCHANGE CENTRE (SOUNDBITE) (English) CHIEF ECONOMIST AT ACY SECURITIES, CLIFFORD BENNETT, SAYING: “At the moment, we are faced with the two major drivers of this banking crisis continuing, so the next six to 12 months are problematic. They are likely to see a continuing ebb and flow, if you like, of banking sort of confidence. That banking confidence at the moment is in a state of flux and perhaps has further downside risk, even if it were to recover, I wouldn’t see any recovery in the banking sector as lasting long-term through the next six to 12 months and I think even if we don't see banks failing, certainly the valuation of many of the world's major banks are likely to continue to deteriorate." SIGN READING (English): "EXCHANGE SQUARE" (SOUNDBITE) (English) CHIEF ECONOMIST AT ACY SECURITIES, CLIFFORD BENNETT, SAYING: "Unfortunately, problems in the banking sector often flow over into the rest of the economy. That is why so many people now joined our view that the United States is likely to have a recession this year. Even if it doesn't have a recession, it's going to have very lacklustre growth, if any, through the rest of this year. And that raises questions for equity valuations across the spectrum. So, we could be entering a period where, again, a banking crisis brings further weight to what was already vulnerable equity markets globally, particularly in the Western world and I would be very cautious and playing defence on my investment portfolios if they're exposed to the United States, or for Australia, for instance." SEOUL, SOUTH KOREA (MARCH 27, 2023) (REUTERS) PEOPLE WALKING / STATUE OF KING SEJONG PEOPLE CROSSING STREET DEALING ROOM AT KEB HANA BANK SCREEN SHOWING KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) VARIOUS OF DEALERS WORKING SCREENS SHOWING KOSPI AND USD/KRW EXCHANGE RATE STOCK TICKER SHOWING KOSPI / DEALING ROOM HONG KONG, CHINA (MARCH 27, 2023) (REUTERS) EXTERIOR OF HONG KONG EXCHANGE SQUARE MOVING STOCK TICKER SCREEN SHOWING HANG SENG INDEX, HANG SENG CHINA ENTERPRISES INDEX AND HANG SENG TECH INDEX AT MARKET CLOSING EXTERIOR OF HONG KONG EXCHANGE SQUARE FLAGS FLYING VARIOUS OF TRAFFIC MOVING IN THE FINANCIAL DISTRICT VARIOUS OF PEOPLE WALKING ON THE FOOTBRIDGE
  • Embargoed: 10th April 2023 10:26
  • Keywords: ASX Asia Australia Hang Seng Index Hong Kong Markets Nikkei 225 Tokyo banks crisis economist
  • Location: TOKYO, JAPAN / SYDNEY, AUSTRALIA / SEOUL, SOUTH KOREA / HONG KONG, CHINA
  • City: TOKYO, JAPAN / SYDNEY, AUSTRALIA / SEOUL, SOUTH KOREA / HONG KONG, CHINA
  • Country: Various
  • Topics: Economic Events,Equities Markets
  • Reuters ID: LVA001044427032023RP1
  • Aspect Ratio: 16:9
  • Story Text: PART VIDEO QUALITY AS INCOMING
    Asia shares closed mixed on Monday (March 27) as continued worries about a global banking crisis weighed on financial shares, capping gains.
    Chief economist at ACY Securities Clifford Bennett said banking confidence at the moment was “in a state of flux”.
    "I think even if we don't see banks failing, certainly the valuation of many of the world's major banks are likely to continue to deteriorate," said Bennett.
    Japan's Nikkei index rose for the first time in three days and ended the day 0.33 percent higher at 27,476.87, with a weaker yen boosting sentiment in the exporter-heavy market.
    South Korea's benchmark KOSPI posted a second day of losses, falling 5.74 points, or 0.24 percent as investors maintained a cautious stance over risks in the global banking system.
    Hong Kong's benchmark Hang Seng Index ended down 1.8 percent at 19,567.7 points, while the Hang Seng China Enterprises Index was down 2.2 percent.
    (Production: Stefica Nicol Bikes, Irene Wang, Dogyun Kim, Minwoo Park, Joyce Zhou)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2023. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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