Most of the Asian equity benchmarks traded lower in early deals on Friday, as the market sentiments got dulled with the Russian- Ukraine’s one month war showing no signs to retreat, surging inflation and more hawkish comments by Federal Reserve officials. Moreover, US-China conflicts after Washington’s demand to deter Beijing from aiding Russia, also fuelled the negative trend in stocks. Shanghai shares dipped over peaking Covid cases, persisting geo-political uncertainties and soaring inflation. However, Japanese Nikkei edged higher on risk appetite in the market amid optimism over economic rebound of the country after it has lifted covid-19 emergency and with the Bank of Japan to announce more ultra-easing monetary policies to stem Japan’s economic recovery.
Hang Seng tumbled by 355.70 points or 1.62% to 21,590.25, Taiwan Weighted dipped by 49.76 points or 0.28% to 17,649.30, Shanghai Composite shrunk by 15.22 points or 0.47% to 3,235.04, Jakarta Composite curtailed by 60.57points or 0.86% to 6,989.12, and FTSE Bursa Malaysia KLCI was lower by 1.94 points or 0.12% to 1,600.91.
Bucking the trend, Nikkei 225 up by 25.33 points or 0.09% to 28,135.72, Straight Times rose by 18.21 points or 0.54% to 3,417.91, and KOSPI lifted by 5.26 points or 0.19% to 2,734.92.
