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Asian Markets trade mostly lower in early deals on Tuesday

23 Nov 2021 Evaluate

Most of the Asian equity benchmarks traded lower in early deals on Tuesday, as the nomination of Federal Reserve Chair Jerome Powell for a second term intensified possibilities of a quicker rollback of monetary stimulus, lifting dollar and US bond yields. Moreover, re-laid restrictive measures in several countries of the region with the resurgence in covid-19 cases in Europe also fuelled downward trend. Technological shares experienced hefty profit booking, while banking stocks were mixed in the session. Hong Kong’s index Hang Seng topped in decline among the Asian indices amid profit taking and on concerns over soaring inflation. Hang Seng was down in previous eight sessions with the negative trend in technology and property stocks. Meanwhile, financial markets in Japan were closed on Tuesday for a holiday. Among the Asian stocks, Singapore, Hong Kong, Indonesia, Taiwan South Korea, and Malaysia are in negative territory. Bucking the trend, China is trading higher.

Hang Seng dipped by 252.85 points or 1.01% to 24,698.49, Straight times down by 4.13 points or 0.13% to 3,232.95, KOSPI narrowed by 16.95 points or 0.56% to 2,996.30, Taiwan Weighted alleviated by 95.21 points or 0.53 to 17,708.33, Jakarta Composite diminished by 41.96 points or 0.62% to 6,681.43, and FTSE Bursa Malaysia KLCI shrunk by 3.22 points or 0.21% to 1,523.65.

On the flip side, Shanghai Composite buoyed by 15.45 points or 0.42% to 3,597.53.

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