Asian markets traded mostly lower in early deals on Wednesday, saddled by the risk aversion in the market amidst stalled US-Iran peace talks and soaring crude oil rates. The President Donald Trump extended the ceasefire with Iran, although plans for a second round of peace negotiations collapse Sharp sell offs in technological and financial sector stocks pressured the indices. Hang Seng tumbled the most among Asian indices, as it snapped its two straight sessional gains.

Nikkei down by 3.17 points or 0.01% to 59,346.00, Straits Times dipped by 20.30 points or 0.40% to 4,994.66, Hang Seng tumbled by 349.48 points 1.32% to 26,138.00, KOSPI Index narrowed by 8.51 points or 0.13% to 6,379.96, Jakarta Composite declined by 15.02 points or 0.20% to 7,544.36 and FTSE Bursa Malaysia KLCI index curtailed by 6.32 points or 0.37% to 1,709.01.

On the flip side, Taiwan weighted up by 351.89 points or 0.94% to 37,957.00, and Shanghai Composite increased by 8.85 points or 0.22% to 4,093.93.