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Asian markets trade in red early deals on Monday

20 Mar 2023 Evaluate
Asian markets traded in red in early deals on Monday, dulled by the jitters over potential global recession spooked by the recent bank crisis in US and Europe. However, some losses remained capped after the government-backed takeover of Credit Suisse by UBS and a coordinated action by major central banks to boost dollar liquidity into FRB. Meanwhile, investors closely awaited the US Federal Reserve’s policy decision this week, where it is expected to deliver a more moderate 25 basis point rate hike in light of easing inflationary pressures and the recent banking turmoil. Japan’s Nikkei tumbled in the session in tandem with hefty profit booking and weak global indices. Additionally, weaker exporters with the stronger local currency yen also pressured the index.

Nikkei down by 277.13 points or 1.01% to 27,056.66, Straight times dipped by 33.99 points or 1.08% to 3,149.29, Hang Seng diminished by 499.01 points or 2.62% to 19,019.58, Jakarta Composite narrowed by 52.76 points or 0.79% to 6,621.73, KOSPI slipped by 11.81 points or 0.49% to 2,383.48, Taiwan shrunk by 35.27 points or 0.23% to 15,417.69, and FTSE Bursa Malaysia KLCI lower by 6.94 points or 0.49% to 1,404.79.

On the flip side, Shanghai supported 4.03 points or 0.12% to 3,254.58.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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