All of the Asian markets are trading in red in early deals on Monday as the ongoing turmoil in Turkey and the fresh fall in the Turkish lira sparked concerns of contagion fears. Tensions between the US and Turkey have risen due to Turkish detention of US pastor Andrew Brunson and as US President Donald Trump announced that he has authorized the doubling on steel and aluminum tariffs on Turkey. Meanwhile, Japan’s Nikkei tumbled to a more than one-month low as a sell-off in emerging market currencies spooked stock investors, with the broader market dragging down, hurting the sentiments.
Nikkei 225 declined 437.62 points or 2.00% to 21,860.46, Hang Seng dropped 519.30 points or 1.86% to 27,847.32, KOSPI Index dipped 41.53 points or 1.85% to 2,241.26, Taiwan Weighted slipped 268.92 points or 2.51% to 10,714.76, Straits Times contracted 39.23 points or 1.21% to 3,245.55, Shanghai Composite tumbled 48.41 points or 1.76% to 2,746.90, FTSE Bursa Malaysia KLCI decreased 19.12 points 1.06% to 1,786.63, and Jakarta Composite down by 191.92 points or 3.26% to 5,885.25.
