Asian markets trade mostly lower in early deals on Monday
Nikkei tumble by 1,743.07 points or 3.27% to 51,630.00
Asian markets traded mostly lower in early deals on Monday, saddled by the risk aversion in the market with the Middle East conflicts entering its fifth week. Surging oil rates spooked concerns about energy-driven inflation and the potential disruptions to global shipping routes like the Strait of Hormuz also saddled investor sentiments. Intensified bets on higher-for-longer interest rate by central banks, and soaring capital outflows by foreign institutional investors, saddled the emerging indices. Japan’s Nikkei plunged to its lowest level this year with the negative global cues with the energy shock and on trimmed gains in export businesses followed by stronger local currency yen.
Nikkei tumbled by 1,743.07 points or 3.27% to 51,630.00, Straits Times trimmed by 1.18 points or 0.02% to 4,897.00, Hang Seng narrowed by 229.88 points 0.92% to 24,722.00, Taiwan weighted decreased by 459.76 points or 1.39% to 32,652.83, KOSPI Index fell by 167.20 points or 3.07% to 5,271.67, Jakarta Composite down by 26.66 points 0.38% to 7,070.40 and FTSE Bursa Malaysia KLCI index curtailed by 25.80 points or 1.51% to 1,686.85.
On the flip side, Shanghai Composite up by 6.54 points or 0.17% to 3,920.26.
