The Shanghai Stock Index corrected sharply on Tuesday and closed lower, hitting the largest one-day decline in nearly seven weeks, while the Hong Kong Hang Seng Index closed lower. Analysts said China's March consumption and industrial data fell short of market expectations.
The Shanghai Composite Index fell 1.7% to 3007.07 points, the largest daily decline since February 28; The CSI 300 index fell 1.1%, the GEM index fell 2%, and the Shanghai Science and Technology Innovation Board 50 component index fell 2.4%.
The Hang Seng Index fell 2.1% to 16248.97, and the Hang Seng Technology Index fell 3%.
A-share game sector led the decline, with the CSI animation game index falling 5.1%. Giant Network closed down 5.4%.
China's economic growth in the first quarter hit a "good start". Driven by export resilience and investment at the beginning of the year, the year-on-year growth rate of GDP hit the highest level in three quarters. However, the year-on-year growth rate of industry and consumption in March was at the lowest point in several months. Analysts said that on the one hand, it was suppressed by the high base factor in the same period last year, and on the other hand, it also highlighted that the lack of domestic demand is still a serious challenge facing China.
Nikkei 225 index hit a new one month low
By the end of Tokyo, the Nikkei 225 index had fallen 1.88%, hitting a new one month low. Among them, the decline of paper industry and pulp, retail and chemical industry, oil and plastics led the stock index lower.
In terms of individual stocks, the best performer on the day was Toho Co., Ltd., the cinema operator, which rose 7.40% or 368.00 points to close at 5323.00;
Nidec rose 6.87% or 436.00 points to close at 6783.00;
Hoya Cor rose 2.76% or 470.00 points to close at 17495.00;
The worst performer of the day was J Front Retailing, as the department store operator lowered its annual profit forecast, the stock fell 9.15% or 151.50 points to close at 1506.50, becoming the stock with the largest decline in the Nikkei Index;
The peer Isetan Mitsukoshi Holdings Ltd. fell 8.30% or 209.50 points to close at 2311.50.
Fujikura Ltd. fell 8.41% or 234.50 points to close at 2557.50;
The number of falling stocks on the Tokyo Stock Exchange was more than that of rising stocks, 3225 and 518 respectively, of which 130 stocks closed flat.
The Nikkei Volatility, which measures the implied volatility of the Nikkei 225 option, fell 3.67% to 19.97.
South Korean stock market fell more than 2% due to US data and Middle East issues, and won hit 1400
The South Korean stock market fell more than 2% on Tuesday, as strong US data showed that the Federal Reserve would delay the interest rate cut, while increased tensions in the Middle East curbed risk appetite.
The won hit the psychological threshold of 1400 won against the US dollar, and the yield of benchmark Korean government bonds rose.
The Korea Composite Stock Index (KOSPI) closed down 60.80 points, or 2.28%, at 2609.63, the largest one-day percentage decline since January 17.
Data on Monday showed that US retail sales growth in March exceeded expectations due to the surge in online retailers' revenue, further indicating that the Federal Reserve will delay interest rate cuts.
South Korean President Yoon Seok Yuet said on Tuesday that after Iran attacked Israel, it should take pre emptive precautions against any risks arising from the situation in the Middle East.
Zhao Runji, the outgoing member of the monetary policy committee of the Bank of Korea, said that the Bank of Korea should not be in a hurry to cut interest rates, because relative to the slowdown in domestic demand, price stability is still the top priority of the bank's policy.
The onshore won fell 0.75% to 1394.5 won against the US dollar USDKRW, having previously touched the 1400 mark, the weakest level since November 7, 2022.
The South Korean foreign exchange administration warned that it was closely monitoring the market because excessive herding was undesirable. After the verbal warning from the authorities, the won pulled back some losses.
Foreign investors sold 272.1 billion won (195.32 million US dollars) worth of shares on the main board.
The yield of the most liquid three-year Korean government bonds rose 2.8 basis points to 3.468%; The yield of benchmark 10-year bonds rose 5.3 basis points to 3.614%.