Asian markets traded in red in early deals on Wednesday, saddled by the risk aversion in the market as the US-Israeli war on Iran has entered its fifth day, with Israel hitting a building where clerics were meeting to elect a new Supreme Leader on Tuesday. Major global energy supply shock, high oil prices, trimmed expectations for Federal Reserve interest rate cuts and resurgent inflation also dulled investor sentiments. Japan’s Nikkei slipped for the third straight session counting on country’s heavy reliance on Middle Eastern energy imports.

Nikkei tumbled by 2,622.05 points or 4.66% to 53,657.00, Straits Times down by 104.20 points or 2.12% to 4,812.45 , Hang Seng plunged by 791.08 points 3.07% to 24,977.00, Jakarta Composite slipped by 339.59 points 4.28% to 7,600.18, KOSPI Index fell 705.93 points or 12.19% to 5,085.98, Taiwan weighted curtailed by 1,202.73 points or 3.50% to 33,120.92, Shanghai Composite dipped by 59.11 points or 1.43% to 4,063.57 and FTSE Bursa Malaysia KLCI index narrowed by 5.36 points or 0.31% to 1,706.59.