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Asian markets trade sharply lower in early deals on Thursday

19 Mar 2020 Evaluate

Asian equity benchmarks are trading modestly lower in early deals on Thursday as the panic stricken investors liquidated their portfolios and got into perceived safe haven dollar investments. The negative trend in US markets overnight also weighed on the Asian equity markets. Global stock markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the outbreak will cause a global recession. Japan's Nikkei is trading bearish though opened in higher note due to rampant worries over global recession as COVID-19 pandemic offset optimism about the ECB stimulus. Among the Asian markets, Hong Kong, South Korea, Taiwan, Indonesia, Singapore, Shanghai and Malaysia are in negative territory.

Nikkei 225 down 244.35 points or 1.46% to 16,482.20, Straits Times dipped 107.64 points or 4.44% to 2,317.98, Hang Seng slipped 1,012.43 points or 4.54% to 21,279.39, Taiwan Weighted declined 556.57 points or 6.04% to 8,662.10, KOSPI Index diminished 126.91 points or 7.98% to 1,464.29, Jakarta Composite diminished by 231.58 points or 5.35% to 4,099.09, Shanghai contracted by 58.39 points or 2.14% to 2,670.37 and FTSE Bursa Malaysia KLCI narrowed 23.12 points or 0.85% to 2,705.63.

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