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Asian markets trade in red in early deals on Monday

19 Jun 2023 Evaluate
Asian markets traded in red in early deals on Monday, due to risk aversion in the market with the hawkish tone from Federal Reserve and on woes over global economic health. The People’s Bank of China’s decision on its loan prime rate this week also side lined participants. PBOC is expected to come up with more stimulus packages as latest data pointed to a faltering post-pandemic recovery of China. While, participants closely watched US Secretary of State Blinken's visit to Beijing, amid frosty bilateral ties between the two countries. Moreover, profit taking after previous week gains also saddled gains among Asian indices. Japan’s Nikkei tumbled in the session after the Bank of Japan held on with its ultra-dovish stance, indicating more aid to fragile economic recovery marred by slowing global growth.

Nikkei 225 down 386.31 points or 1.15% to 33,319.77, Straight times dipped by 19.85 points or 0.61% to 3,240.18, Hang Seng shrunk by 314.22 points or 1.59% to 19,726.15, KOSPI narrowed by 24.07 points or 0.92% to 2,601.72, Taiwan shrunk by 22.29 points or 0.13% to 17,266.62, Jakarta Composite curtailed 19.10 points or 0.29% to 6,679.45, Shanghai diminished by 17.64 points or 0.54% to 3,255.69 and FTSE Bursa Malaysia KLCI declined by 3.94 points or 0.28% to 1,384.67.

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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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