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Asian markets trade mostly lower in early deals on Tuesday

11 Jun 2024 Evaluate
Most of the Asian markets traded lower in early deals on Tuesday, saddled by the risk aversion ahead of US Fed's monetary policy meeting, release of US consumer price inflation data, Bank of Japan’s policy decision, and Chinese inflation figures due later this week. Participants also side lined as the Bank of Korea is set to release the minutes of its latest policy meeting later today. Meanwhile, South Korea's current account shifted to a deficit of $0.29 billion in April, following a surplus of $6.93 billion in March. Sharp rise in crude oil rates also pressured equity investments. Hang Seng extended losing streak to fourth straight session as it resumed trade after holiday extended weekend. China’s Shanghai is trading near seven-week lows. Bucking the trend, Japan’s Nikkei advanced in the session with the rally in technological sector stocks. Japan’s economy dipped less than estimates in the first quarter, while the country’s current account surplus exceeded forecasts in April.

Straits Times down by 15.16 points 0.46% to 3,306.92, Hang Seng slipped by 283.69 points 1.54% to 18,083.26, Jakarta Composite dipped by 7.63 points or 0.11% to 6,913.92, Shanghai Composite narrowed by 30.54 points or 1% to 3,020.74, and FTSE Bursa Malaysia KLCI curtailed by 2.59 points or 0.16% to 1,611.78.

On the flip side, Nikkei 225 up by 117.00 points 0.30% to 39,155.16, KOSPI Index higher by 10.02 points or 0.37% to 2,711.19, and Taiwan Weighted rose by 26.91 points or 0.12% to 21,885.29.

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