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Asian markets trade mostly lower in early deals on Tuesday

02 Jan 2024 Evaluate
Most of the Asian markets traded lower in early deals on Tuesday, due to risk aversion ahead to key US economic data releases this week. Sluggish economic data from China and devastating earthquake in Japan also saddled equity investments. Technical correction after strong rally in December also pressured the equities. Hang Seng plunged the most among Asian indices on the first trading day of the New year amidst mounting woes of Chinese economic health. The Hang Seng in 2023 tumbled nearly 14%, making it among the worst performers of the year. Stock market of Japan remained closed.

Straits Times down 8.85 points or 0.27% to 3,231.42. Hang Seng declined 246.66 points 1.47% to 16,800.73, Taiwan Weighted slided 135.42 points or 0.76% to 17,795.39, Shanghai Composite decreased by 6.23 points or 0.21% to 2,968.70 and FTSE Bursa Malaysia KLCI shrunk by 6.77 points or 0.47% to 1,447.89.

On the flip side, KOSPI Index lifted 8.42 points or 0.32% to 2,663.70, and Jakarta Composite up by 6.46 points or 0.09% to 7,279.26.

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