Most of the Asian equity benchmarks are trading lower in early deals on Friday, though market opened higher after US President-elect Joe Biden detailed a $1.9 trillion stimulus plan to stem the world’s largest economy and accelerate its response to COVID-19. Profit booking at prevailing levels and the concerns over Sino-US tensions after Trump administration placed Chinese smartphone maker Xiaomi on a blacklist of companies with alleged ties to the Chinese military has dulled the market sentiments. Japan’s Nikkei retreated from three-decade highs in the previous session due to profit booking, with major exporters lower weighed down by a stronger yen. The Japanese market had settled higher for a fifth day on Thursday. Among the Asian markets, Japan, Hong Kong, Indonesia, South Korea, China and Malaysia are are in easing note. Bucking the trend, Singapore and Taiwan are in positive territory.
Nikkei 225 down by 147.29 points or 0.51% to 28,550.97, Hang Seng decreased by 64.07 points or 0.22% to 28,432.79, Jakarta Composite slipped 53.69 points or 0.84% to 6,374.63, KOSPI Index diminished 50.67 points or 1.61% to 3,099.26, Shanghai Composite lower by 18.94 points or 0.53% to 3,546.96, and FTSE Bursa Malaysia KLCI dipped by 3.88 points 0.24% to 1,631.83.
On the flip side, Straits Times rose by 11.27 points or 0.38% to 3,011.27, and Taiwan Weighted enlarged 10.03 points or 0.06% to 15,717.22.
