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Asian equities curbed yesterday’s enthusiasm driven by China’s positive policies following the National People’s Congress as SVB’s collapse crushed Asian investor sentiment on financial contagion fears.
I can’t recall a day with such poor advance/decline ratios with Japan’s Topix posting just 66 advancers versus 2,082 decliners, Hang Seng Composite finishing with 73 advancers versus 439 decliners, South Korea’s Kospi having 37 advancers versus 769 decliners, and Thailand with 295 advancers versus 1,664 decliners. Hong Kong was off far more than Mainland China as foreign investors did their usual freak out while Mainland investors were far less concerned. The Asia Dollar Index and China’s renminbi CNY fell -0.29% and -0.42%.
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