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Asian Markets trade mostly lower in early deals on Thursday

03 Nov 2022 Evaluate
Most of the Asian Markets traded lower in early deals on Thursday, due to risk aversion after hefty sell off in global markets amid concerns over US benchmark interest rate hike outlook. The US central bank on Wednesday, delivered its widely expected 75bps rate hike for the fourth time in a row, taking the top of its target range to 4%, the highest level since 2008. Meanwhile, the US Federal Reserve Chair Jerome Powell remarked that the rates could peak higher even as he hinted at a slower pace of increases. Stock market of Japan is closed for culture day holiday. Meanwhile, Hang Seng plunged in the session followed by the HKMA ‘s base rate lift by the same margin as the Federal Reserve did, and brought borrowing costs to the highest level in 14-1/2 years.

Straight times dipped 41.37 points or 1.32% to 3,099.76, Hang Seng decreased by 465.86 points or 2.94% to 15,361.31, Taiwan lower by 138.82 points or 1.06% to 12,961.35, KOSPI curtailed by 7.62 points or 0.33% to 2,329.25, Shanghai declined by 18.94 points or 0.63% to 2,984.43, and FTSE Bursa Malaysia KLCI narrowed by 17.73 points or 1.22% to 1,433.88.

On flip side, Jakarta Composite up by 16.97 points or 0.24% to 7,032.66.

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