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Asian markets trade mostly lower in early deals on Tuesday

31 Oct 2023 Evaluate
Most of the Asian markets traded lower in early deals on Tuesday, pressured by the risk aversion in the market after sluggish Chinese PMI numbers for October and on continued Middle East geopolitical conflicts. Factory activity of China unexpectedly dipped after previous jump, while the service sector advanced the least in 10 months, underscoring that the Chinese economy needs more policy support as the recovery path remains uncertain. Global indices were red ahead to Wednesday’s interest rate decision by Federal Reserve. Hang Seng plunged the most among Asian indices with the profit booking amidst lack of major positive news to support the market sentiments. Bucking the trend, Japanese stocks edged up following the Bank of Japan's (BoJ) monetary policy announcements. The BoJ left the policy settings unchanged after the October meeting as expected, maintaining the interest rate and the 10-year Japanese government bond (JGB) yield target at -0.1% and 0%, respectively. Although, hotter than expected inflation numbers of the country limited some gains in the session.

Straits Times fell 0.70 points or 0.02% to 3,063.59, Hang Seng dipped 308.85 points or 1.81% to 17,097.51, Jakarta Composite shrunk by 48.32 points or 0.72% to 6,687.57, KOSPI Index decreased 30.88 points or 1.34% to 2,279.67, Taiwan Weighted narrowed 102.26 points or 0.63% to 16,047.42, Shanghai Composite lower by 11.58 points or 0.38% to 3,009.97.

On the flip side, Nikkei 225 up by 173.26 points 0.56% to 30,870.22 and FTSE Bursa Malaysia KLCI rose by 1.51 points or 0.10% to 1,440.71.

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