Most of the Asian markets traded in red in early deals of Thursday, due to risk aversion in the market after bank jitters resurfaced after Credit Suisse announces ‘decisive action’ to borrow. The debt woes of Swiss lender after the collapse of Silicon Valley Bank and Signature Bank fuelled concerns about stability of the global financial system. Albeit, this curtailed bets over aggressive approach by Federal Reserve. Japan’s Nikkei tumbled giving out previous sessional gain in tandem with the negative trend in Wall Street overnight led by technological and financial stocks.
Nikkei down by 273.42 points or 1.01% to 26,956.06, Straight times narrowed by 18.95 points or 0.60% to 3,153.97, Hang Seng dipped by 294.28 points or 1.53% to 19,245.59, Jakarta Composite declined by 49.41 points or 0.75% to 6,578.73, KOSPI diminished by 3.95 points or 0.17% to 2,375.77, Taiwan curtailed by 197.49 points or 1.28% to 15,190.10, Shanghai shrunk by 16.14 points or 0.50% to 3,247.17 and FTSE Bursa Malaysia KLCI lower by 8.04 points or 0.57% to 1,395.89.
