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Asian Markets trade mostly in red in early deals on Tuesday

05 Oct 2021 Evaluate

Most of the Asian equity benchmarks traded in red in early deals on Tuesday, saddled by the risk aversion in the market with the lingering concerns over global economic growth with the inflation woes in line with the soaring crude oil rates, uncertainty over time line of Federal Reserve’s tapering of bond purchases, the persisting surge in covid cases in the region and the stifle in economic activity. Further denting sentiments was due to concerns that the regulatory crackdowns and a collapse at Evergrande could hurt an already fragile Chinese economy. Technical shares are experiencing hefty sell off in the session, while banking stocks ended mixed. Japan’s Nikkei traded in red for the sixth consecutive session as the surging energy rates intensified inflationary pressure. Japan posted 0.3% rise in overall consumer prices in September compared to same month previous year, and services sector in Japan narrowed for the month of September. China market remains closed for the National Day holiday. Among the Asian stocks, Japan, South Korea, Singapore and Indonesia are trading in red. Bucking the trend, Hong Kong, Taiwan and Malaysia are trading up.

Nikkei 225 down by 621.51 points or 2.18% to 27,823.38, Straight times slipped by 23.70 points or 0.77% to 3,065.95, Jakarta Composite dipped by 57.52 points or 0.91% to 6,285.17, KOSPI shrunk by 52.62 points or 1.74% to 2,966.56.

On the flip side, Hang Seng up by 76.27 points or 0.32% to 24,112.64, Taiwan Weighted rise by 32.63 points or 0.20% to 16,440.98 and FTSE Bursa Malaysia KLCI lifted by 1.96 points or 0.13% to 1,524.43.

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