The Asian markets have made a subdued start on Thursday with some indices extending their losing streak for the sixth straight day on getting news of gloomy economic outlook of the US. The traders are also cautious ahead of the Chinese economic growth report that may signal a deeper slowdown in the second largest economy, growth felling down to below 8 percent for the first time since 2009.
Also, Bank of Japan’s policy decision is scheduled later today, though there is general expectation that the bank may not offer any new stimulus after sentiment among large manufacturers improved last quarter. Meanwhile, the South Korean market too is trading in red as the Bank of Korea unexpectedly cut borrowing costs for the first time in more than three years, driving yields to record lows, and weakening the currency.
Shanghai Composite lost 6.03 points or 0.28% to 2,169.35, Hang Seng index plunged by 310.11 points or 1.60% to 19,109.76, Jakarta Composite declined by 21.74 points or 0.55% to 3,998.37. Nikkei dipped 54.26 points or 0.61% to 8,796.29. KLSE Composite was down by 1.10 points or 0.06% to 1,628.42. Kospi Composite lost 9.92 points or 0.52% to 1,816.65. Taiwan Weighted slumped by 83.17 points or 1.15% to 7,173.56, while Straits Times lost 9.22 points or 0.31% to 2,980.06.