Asian markets traded mixed in early deals on Tuesday, due to the lack of clear direction with the economic and policy uncertainties pressuring equity investments. Meanwhile, speculators closely awaited for a slew of Chinese economic numbers this week including industrial production, retail sales and unemployment data that could influence the outlook. However, People Bank of China’s slashing of interest rates by 10bps to 1.9% to stem country’s economic recovery also buoyed market. Meanwhile, news that Hong Kong to ease entry rules for foreign workers to stem a manpower shortage in the city also lifted investor sentiments. Japan’s Nikkei advanced in the session tracking positive Wall Street overnight amid optimism over pause in Fed aggressive tightening campaign.
Nikkei 225 up 573.18 points or 1.77% to 33,007.18, Hang Seng rose by 78.52 points or 0.40% to 19,482.83, Taiwan higher by 250.87 points or 1.48% to 17,209.00, and KOSPI buoyed by 9.16 points or 0.35% to 2,638.51.
On the flip side, Straight times down by 16.51 points or 0.52% to 3,179.56, Jakarta Composite dipped 7.35 points or 0.11% to 6,715.02, Shanghai narrowed by 1.94 points or 0.06% to 3,226.89, and FTSE Bursa Malaysia KLCI declined by 6.48 points or 0.47% to 1,380.29.
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