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Asian markets trade mostly lower in early deals on Tuesday

03 Oct 2023 Evaluate
Most of the Asian markets traded lower in early deals on Tuesday, due to risk aversion in the market amidst persisting higher interest rates, rising Treasury bond yield notes and surging dollar. Moreover, participants side-lined ahead to key monthly US employment data which may though more light on Fed rate plans. Hang Seng is the worst performer among Asian indices with the bearish trend after World Bank curtailed Chinese GDP growth prediction to 4.4% from 4.8%. Meanwhile, Hong Kong sales marked least growth in 7 months for August, due to increased cost pressure. Japan’s Nikkei tumbled to the lowest level in the month as the plunge in local currency yen spooked chances of another government intervention.

Nikkei 225 down 508.60 points 1.60% to 31,251.28, Straits Times slipped 26.16 narrowed or 0.82% to 3,223.31, Hang Seng narrowed 531.29 points or 3.07% to 17,278.37, and Taiwan Weighted curtailed 50.92 points or 0.31% to 16,506.39.

On the flip side, Jakarta Composite rose by 1.05 points or 0.02% to 6,962.51 and FTSE Bursa Malaysia KLCI added 2.71 points or 0.19% to 1,421.47.

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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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