Asian markets traded mixed in early deals on Thursday, with the lack of strong cues and due to the persisting fears over global economic slowdown. Meanwhile, Jerome H Powell in yesterday’s keenly watched testimony affirmed Federal Reserve’s major commitment towards controlling inflation and remarks recession as a mere possibility. Market sentiments got dulled as investors counted on the economic ramifications over aggressive interest rate hikes by majority of the global central banks. Japan’s Nikkei extended losses of the previous session tracking a lackluster cues from Wall Street overnight. However, losses were limited as Bank of Japan is maintaining ultra-dovish monetary policy measure to stem its still-fragile economy. Moreover, Japan’s manufacturing figures continued positive trend in June, though at a sluggish rate marking PMI score of 52.7. On the flip side, Chinese stocks rebounded due to technical buying after sharp correction in last session.
Straight times up 19.16 points or 0.62% to 3,112.47, Hang Seng increased by 211.18 points 1.01% to 21,219.52, Shanghai widened by 18.79 points or 0.58% to 3,285.99, and FTSE Bursa Malaysia KLCI added by 0.10 points or 0.01% to 1,431.20.
Bucking the trend, Nikkei 225 down by 24.81 points or 0.09% to 26,124.74, Taiwan lower by 202.88 points or 1.32% to 15,144.87, KOSPI narrowed by 23.96 points or 1.02% to 2,318.85 and Jakarta Composite curtailed by 54.09 points or 0.77% to 6,930.22.
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