The Asian markets were showing mostly a positive trade in morning session, though the undertone remained cautious tailing the slight weakness in US markets overnight after the speech of new U.S. President Donald Trump renewing concerns about protectionist policies. The US President Trump promised a “very major” border tax and signed an executive order formally withdrawing the United States from the Trans-Pacific Partnership free-trade deal, and signalling his intention to renegotiate NAFTA 'at the appropriate time. The Japanese market is modestly lower, extending losses from the previous session following the weak cues from Wall Street and a stronger yen. Though, manufacturing sector in Japan continued to expand in January, and at a faster pace, with a PMI score of 52.8; now at a 34-month high. In other markets in the region, Shanghai, Hong Kong, Singapore, Taiwan, Indonesia and Malaysia are modestly higher, while South Korea was marginally in red.
Shanghai Composite was up marginally by 3.03 points or 0.1% to 3,139.81, FTSE Bursa Malaysia KLCI gained 6.08 points or 0.36% to 1,677.39, Taiwan Weighted increased by 17.82 points or 0.19% to 9,441.87, Jakarta Composite added 30.03 points or 0.57% to 5,281.00 and Hang Seng increased by 70.86 points or 0.31% to 22,969.38.
On the other hand, Nikkei 225 declined by 56.55 points or 0.3% to 18,834.48 and KOSPI Index was lower by 3.15 points or 0.15% to 2,062.84