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Asian markets trade mostly lower on Monday

17 Jul 2023 Evaluate
Asian markets were trading mostly lower on Monday tracking mixed cues from Wall Street last Friday after profit taking following cooling US inflation numbers and stronger profit reports than expected from several big US companies. Chinese shares declined after data showed that Chinese economic growth slowed substantially through the second quarter. China's 6.3% GDP growth for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of 2023. Trading in Hong Kong halted due to approaching Typhoon Talim, while the Japanese market is closed on account of Marine Day national holiday.

Straight times declined by 8.44 points or 0.26% to 3,240.19, KOSPI down by 11.86 points or 0.45% to 2,616.44, Shanghai dropped by 38.53 points or 1.2% to 3,199.17, and FTSE Bursa Malaysia KLCI dipped by 8.19 points or 0.58% to 1,403.90. On the flip side, Taiwan added by 7.72 points or 0.04% to 17,291.43, Jakarta Composite enlarged by 23.93 points or 0.35% to 6,893.50.

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