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Asian markets trade mostly lower in early deals on Tuesday

27 Feb 2024 Evaluate
Asian markets traded mostly lower in early deals on Tuesday, pressured by the risk aversion ahead of key US inflation data, corporate earnings, and speeches by Fed officials this week. Moreover, market participants also went cautions as Hong Kong's merchandise data for January to be released later today after December's numbers indicated a widening trade gap as imports grew faster than exports. Meanwhile, Q4 GDP data of Hong Kong and Chinese PMIs data for February are due this week. Japan’s Nikkei also retreated from record highs after the core inflation numbers came in higher than expected, although it slowed to 2% in January from December’s 2.3%. Stronger local currency yen also pressured foreign investments.

Nikkei 225 down by 60.68 points 0.15% to 39,173.03, Taiwan Weighted dipped 73.87 points or 0.39% to 18,874.18, Straits Times declined 29.35 points 0.93% to 3,141.77, Hang Seng reduced 60.53 points 0.37% to 16,574.21, Jakarta Composite fell by 16.06 points or 0.22% to 7,267.76, KOSPI Index narrowed 20.60 points or 0.78% to 2,626.48.

On the flip side, Shanghai Composite up by 16.25 points or 0.55% to 2,993.27 and FTSE Bursa Malaysia KLCI added by 6.33 points or 0.41% to 1,553.93.

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