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Asian markets trade mostly lower in early deals on Wednesday

09 Aug 2023 Evaluate
Most of the Asian markets traded lower in early deals on Wednesday, due to dip in risk tolerance after global indices turned negative overnight followed by the downgrade in credit rating of some US banks by Moody’s. Investor sentiments also dulled after the disappointing Chinese earnings data and tepid inflation figures. China producer inflation also fell 4.4% last month, remaining in negative territory for the tenth straight month. Japan’s Nikkei retreated after three consecutive sessional gains amid hefty sell off in export and financial sector stocks. Stock market of Singapore is closed for national holiday.

Nikkei 225 down 140.77 points or 0.43% to 32,236.52, Hang Seng slipped by 10.95 points or 0.06% to 19,173.22, Taiwan dipped by 52.36 points or 0.30% to 16,824.71, and Shanghai shrunk by 11.60 points or 0.36% to 3,249.02.

On the flip side, KOSPI up by 32.53 points or 1.26% to 2,606.51, Jakarta Composite rose by 13.97 points or 0.20% to 6,882.78, and FTSE Bursa Malaysia KLCI higher by 7.30 points or 0.50% to 1,458.30.

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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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