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Asian markets trade mostly in red in early deals on Friday

20 Oct 2023 Evaluate
Asian markets traded mostly in red in early deals on Friday, due to risk aversion in the market after hawkish comments from Federal Reserve Chair Jerome Powel, and soaring bond yield notes spooked woes over global economic health. Additionally, intensified Israel-Hamas tensions after US navy intercepts cruise missiles launched near Yemen, side-lined market players from huge position takings. Japan’s Nikkei extended loses to the session marking its lowest level in two weeks. Albeit, losses were capped as the country’s inflation rate dipped to a one-year low of 3% in September, while the core inflation rate slowed to a 13-month low of 2.8%, above the central bank’s 2% target for the eighteenth straight month. Hang Seng is near a 3% tumble for the week, pressured by the worries that major central banks will maintain borrowing costs at elevated levels to curb high inflation and on concerns over prolonged property crisis in China.

Nikkei 225 slides by 15.10 points 0.05% to 31,415.52, Straits Times down by 1.95 points or 0.06% to 3,097.65, Hang Seng declined 70.07 points or 0.41% to 17,225.82, Taiwan Weighted narrowed 22.42 points or 0.14% to 16,430.31, KOSPI Index decreased 26.41 points or 1.09% to 2,389.39, Shanghai Composite dips by 8.17 points or 0.27% to 2,997.22 and FTSE Bursa Malaysia KLCI diminished by 1.45 points or 0.10% to 1,441.21.

On the flip side, Jakarta Composite up by 7.95 points or 0.12% to 6,854.38.

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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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