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Asian markets trade lower in early deals on Tuesday

18 Jul 2023 Evaluate

Asian markets traded lower in early deals on Tuesday, as the investor sentiments dulled after China’s weak GDP prints in Quarter 2 prompted some major banks to cut the country's growth forecasts and added woes over global economic growth outlook. Meanwhile, investments also saddled after China Evergrande Group reported hefty combined losses over two years, and on a warning of a funding shortfall by a key unit of Dalian Wanda Group. Japan’s Nikkei dipped slightly after the long weekend. Nikkei retreated as the market awaited for key economic data release later in the week, including Japanese trade balance and consumer price index reports.

Nikkei 225 down 18.31 points or 0.06% to 32,372.95, Straight times slipped by 6.09 points or 0.19% to 3,248.34, Hang Seng dipped by 423.34 points or 2.18% to 18,990.44, Taiwan diminished by 65.40 points or 0.38% to 17,268.89, KOSPI lower by 13.65 points or 0.52% to 2,605.35, Jakarta Composite curtailed by 23.90 points or 0.35% to 6,843.24, Shanghai pressured by 11.37 points or 0.36% to 3,198.26, and FTSE Bursa Malaysia KLCI narrowed 1.62 points or 0.12% to 1,404.48.

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