Asian markets settle mostly lower on Tuesday

05 Sep 2023 Evaluate

Asian markets settled mostly lower on Tuesday as weak China services PMI data fuelled concerns about growth in the world's second largest economy. The Caixin China services Purchasing Managers' Index slipped more-than-expected to 51.8 in August from 54.1 in July. Chinese and Hong Kong shares tumbled as concerns about debt defaults overshadowed Beijing’s efforts to stabilize growth. Seoul shares dropped marginally after data showed inflation in south Korea accelerated much faster than estimates in August on the back of higher energy costs. Meanwhile, investors are awaiting comments from key US federal bank officials on the outlook of the interest rate hike cycle. However, Japanese shares gained as a weaker yen boosted sentiment.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,154.37	-22.69	-0.72
Hang Seng	18,456.91	-387.25	-2.10
Jakarta Composite	6,991.71	-5.04	-0.07
KLSE Composite	1,454.83	-7.89	-0.54
Nikkei 225	33,036.76	97.58	0.30
Straits Times	3,227.92	-11.05	-0.34
KOSPI Composite	2,582.18	-2.37	-0.09
Taiwan Weighted	16,791.61	1.92	0.01

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