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Asian markets trade mostly lower in early deals on Tuesday

10 May 2022 Evaluate

Asian markets were trading mostly lower in early deals on Tuesday following the continued sell-off on US markets overnight, as traders remain concerned about slowing growth, soaring inflation and prospects of tighter policy moves by global central banks to combat persistent inflation. Further, worries about the impact of the Ukraine war, and the ongoing lockdown in Shanghai were also weighing on market sentiment. The coronavirus outbreak and related shutdowns across dozens of Chinese cities is hitting global operations and supply chains. Tumbling commodity prices also weighed on energy and materials shares.

Asian markets were trading mostly lower; Taiwan Weighted dropped 77.85 points or 0.49% to 15,971.07, Hang Seng decreased 565.23 points or 2.83% to 19,436.73, Straits Times trembled 43.15 points or 1.32% to 3,231.92, KOSPI fell 19.46 points or 0.75% to 2,591.35, Jakarta Composite lost 216.26 points or 3.13% to 6,693.49 and Nikkei 225 was down by 244.22 points or 0.93% to 26,075.12.

On the flip side, Shanghai Composite was up by 5.08 points or 0.17% to 3,009.22.

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