Asian markets traded lower on Friday as interest rate hikes and a hawkish posture by central banks worldwide spooked investors and triggered fears of a recession. Benchmarks in Japan, China, Australia, New Zealand and South Korea plunged into the red, while Hong Kong's Hang Seng Index bucked the downtrend.
China's Shanghai Composite Index closed marginally lower at 3167.86. The day's trading ranged between 3,151.61 and 3,175.35. The Shenzhen Component Index lost 63.08 points or 0.6 percent to close at 11,295.03.
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