Stocks in Asia were mostly down; Toshiba fell by 0.95% after its decision on selling its memory chip

Asian Stocks

Most of the stocks in Asia edged down on Thursday as Treasury yields and dollar in the stateside both rose on the back of Federal Reserve’s big decision.

On Wednesday, the U.S. Federal Reserve announced that it would begin reducing its massive balance sheet in October which is worth more than $4.5 trillion. It also indicated the possibilities of another interest hike before this year ends, but left rates as it is in the meantime which is already forecasted by analysts. Fed kept its expectations for 2017 and 2018 interest rates, but still managed to lower its estimations by only one rate hike between 2017 and 2019.

Looking at Asian indices, Japanese benchmark Nikkei 225 index rose as high as 0.75 percent on Thursday’s opening bell. The index was given a lift by its financial, oil and auto stocks all finishing on the positive territory.

Aussie benchmark ASX 200 index, however, settled lower by 0.25 percent due to the performance of its energy and financial sector. The Kospi index from South Korea didn’t also do well on the day as it closed down by 0.28 percent. Markets in Indonesia and Malaysia are shut due to a public holiday.

Outside the market, Japanese conglomerate Toshiba released a statement that suggests it would sell its memory chip unit to Boston, Massachusetts-based investment company Bain Capital. Toshiba didn’t mention anything about the South Korean DRAM supplier SK Hynix in its announcement, but Bain Capital already brought the chip maker in on the agreement, according to a Reuter’s report. SK Hynix rose by 0.74 percent, while Toshiba dropped by 0.95 percent on the day.

FAQs

Leave a Reply

Your email address will not be published. Required fields are marked *