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Asian markets trade mostly lower in early deals on Tuesday

09 May 2023 Evaluate

Most of the Asian markets traded lower in early deals of Tuesday, saddled by risk aversion ahead to US CPI data, uncertainty over Fed interest rate hikes, and on woes over potential recession. Moreover, China's trade data is due later today and inflation data due on Thursday, been closely eyed by participants to gauge the health of the world’s second-largest economy. Hang Seng stocks retreated snapping three straight sessional gains tracking the sell-off in tech and financial stocks in tandem with the global indices. Bucking the trend, Nikkei advanced in the session with the short covering after previous sessional loss and as major exporters gained with the weaker local currency yen.

Straight times down by 8.18 points or 0.25% to 3,249.48, Hang Seng dipped by 108.36 points or 0.54% to 20,188.67, Taiwan narrowed by 1.16 points or 0.01% to 15,698.41, KOSPI curtailed by 4.85 points or 0.19% to 2,508.92, Jakarta Composite diminished by 0.90 points or 0.01% to 6,768.73, and FTSE Bursa Malaysia KLCI shrunk by 4.19 points or 0.29% to 1,429.55.

On flip side, Nikkei 225 up by 301.76 points or 1.04% to 29,251.64 and Shanghai rose by 13.14 points or 0.39% to 3,408.14.

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