Asian markets mostly looking down at weekly close

By Tuba Sahin

ANKARA (AA) – Major Asian stock exchanges, except for Tokyo's Nikkei 225, closed the week with losses, after US consumer inflation climbed to record levels, enhancing the prospects of interest rate hikes.

US consumer prices rose 7.5% year-on-year in January, marking the largest 12-month increase since February 1982, according to the Labor Department.

The consumer price index was above the market estimate of 7.3%, rising 7% in December.

Investors are worried that the Federal Reserve could turn more hawkish and make faster and higher rate hikes this year to tame record inflation.

The Asia Dow, which includes blue-chip companies in the region, fell 0.51% or 19.40 points, to close at 3,785.61 points on Friday.

Tokyo's Nikkei 225 stock exchange was the sole index posting gains at Friday close, going up by 0.42% or 116.2 points, to reach 26,696.08 points.

China's Shanghai stock exchange dropped 0.66% or 22.96 points to 3,462.95 points.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, lost 17.69 points, or 0.07%, to reach 24,906.66.

The Indian Sensex benchmark posted a decrease of 1.30% or 763.36 points to close at 58,162.67 points, and the Singapore index lost 6.43 points, or 0.19%, to reach 3,421.57.