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Asian markets trade mostly lower in early deals on Tuesday

08 Dec 2020 Evaluate
Most of the Asian equity benchmarks are trading lower on Tuesday, as the investor sentiments got dulled with the increasing COVID restrictions and diminishing hopes about a swift economic recovery. However, progress in US stimulus negotiations limited some losses in the session. Oil stocks traded lower with the sluggish crude oil rates overnight, while gold miners are higher as the yellow metal rose overnight. Japan’s Nikkei is retreating amid worries about surging COVID cases and its impact on the economic recovery. Even though, news that the Japanese government is set to approve a third round of stimulus worth 73.6 trillion yen, or $706 billion trimmed some losses. Among the Asian markets, Japan, Singapore, Taiwan, Indonesia, and China are in trading lower. Bucking the trend, Hong Kong, South Korea and Malaysia are in positive territory.

Nikkei 225 down by 61.86 points 0.23% to 26,485.58, Straits Times narrowed by 0.63 points or 0.02% to 2,824.88, Hang Seng narrowed by 146.26 points or 0.55% to 26,360.59, KOSPI Index lower 23.75 points 0.87% to 2,721.69, and Shanghai Composite slipped by 8.61 points or 0.25% to 3,407.99

On the flip side, Taiwan Weighted increased 85.38 points or 0.60% to 14,341.98, Jakarta Composite up 9.11 points or 0.15% to 5,939.87, and FTSE Bursa Malaysia KLCI rose by 3.94 points or 0.24% to 1,626.83.

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