A session after suffering severe pounding, a majority of equity markets across Asia showed sign of consolidation in Tuesday’s trading session as investors lacked conviction to open fresh positions, lacking any significant upside triggers. Investors remained cautious over spillover risks from the European region while heightened geopolitical tensions between the nuclear ambitious Iran and the West too limited the upside chances. Market participants grew increasingly nervous amid worries the spike up in international crude oil prices which would adversely impact global economic growth prospects. Besides, overnight mixed closing on Wall Street too could not do much to influence sentiments in the Asian region as investors await the release of US consumer confidence figures on Tuesday and the US Fed’s Beige Book report on economic activity due Wednesday.
Markets including Hong Kong, Indonesia etc traded with a positive bias but the gains remained less pronounced. However, the benchmark in Japan slipped over half a percent as yen strengthened and Elpida Memory Inc. filed for the biggest bankruptcy in two years.
Hang Seng advanced 62.06 points or 0.29% to 21,279.92, Jakarta Composite added 7.99 points or 0.21% to 3,869.01, Straits Times rose 3.24 points or 0.11% to 2,950.02 and Seoul Composite gained 2.68 points or 0.13% to 1,993.84.
Shanghai Composite declined 11.94 points or 0.49% to 2,435.11, KLSE Composite fell 3.90 points or 0.25% to 1,555.14 and Nikkei 225 dropped 54.65 points or 0.57% to 9,579.28.
Stock markets in Taiwan remained closed on Tuesday on account of Peace Memorial Day holiday.
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