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Asian markets trade mostly lower in early deals on Wednesday

19 Jul 2023 Evaluate

Most of the Asian markets traded lower in early deals on Wednesday, due to risk aversion in the market as the subdued Q2 GDP data of China spooked woes over potential global recession. Meanwhile, participants closely eyed for more monetary stimulus to ‘restore and expand’ consumption in the world’s second-largest economy as consumers’ purchasing power of China remained weak. Hang Seng retreated the most among Asian indices with the sharp correction in consumer cyclicals and tech sector stocks. Bucking the trend Japan’s Nikkei advanced mirroring gains in Wall Street overnight on the back of better-than-expected corporate earnings. Meanwhile, Indonesia and Malaysia are closed for the Islamic New Year holiday.

Hang Seng dipped by 233.32 points or 1.24% to 18,782.40, Taiwan diminished by 97.41 points or 0.57% to 17,130.50, KOSPI lower by 4.41 points or 0.17% to 2,603.21 and Shanghai was down by 8.01 points or 0.25% to 3,189.81.

On the flip side, Nikkei 225 up 267.36 points or 0.82% to 32,759.92 and Straight times rose by 12.85 points or 0.39% to 3,267.11.

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