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Asian Markets trade mostly lower in early deals on Thursday

17 Jun 2021 Evaluate
Most of the Asian equity benchmarks traded lower in early deals on Thursday, weighed down by the continued surge in covid-19 new infections and ambiguity in the  global economic rebound. Additionally, US Federal Reserve’s indication that it might raise interest rates at a much faster pace than assumed side lined some investments amid assumptions that early US rate hikes might suck funds out of riskier assets. Fed fund futures shifted to imply a first hike by the end of 2022. Japan’s Nikkei tumbled with the benchmark below the 29,000 level , tracking weak cues from Wall street overnight. However, losses remained trimmed as government is to decide later in the day to end the COVID-19 state of emergency in most prefectures on Sunday on a steady decline in COVID-19 infections. Among the Asian markets, Japan, , Indonesia, South Korea, Taiwan and Malaysia  are in negative trend. Bucking the trend, Singapore, Hong Kong and China are trading higher.  

Nikkei 225 down by 324.73 points or 1.11% to 28,966.28, Jakarta Composite narrowed by 13.17 points or 0.22% to 6,065.40, KOSPI diminished 13.01 points or 0.40% to 3,265.67, Taiwan Weighted lower by 29.30 points or 0.17 to 17,278.56 and FTSE Bursa Malaysia KLCI curtailed by 6.66 points 0.42% to 1,571.66

On the flip side, Straits Times up 8.17 points or 0.26% to 3,147.74, Hang Seng rose by 80.13 points or 0.28% to 28,516.97, and Shanghai Composite higher by 5.98 points or 0.17% to 3,524.31.

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