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Asian markets trade in red in early deals on Friday

02 Aug 2024 Evaluate
Asian markets traded in red in early deals on Friday, pressured by the risk aversion as the disappointing economic data from the U.S., Europe and China spooked global recessionary concerns. Moreover, technology stocks led the decline amid disappointing earnings in the sector, saddled indices worldwide. Uncertainty in China’s policy direction at the end of two key gatherings for Chinese top leaders last month also dulled investor confidence. Japan’s Nikkei also tumbled after Bank of Japan raised its policy rate to 0.25% and signalled plans to hike rates further.

Nikkei 225 tumbled by 1,848.72 points 4.85% to 36,277.61, Straits Times declined by 34.51 points 1.01% to 3,385.33, KOSPI Index wilted by 96.74 points or 3.48% to 2,680.94, Jakarta Composite trimmed by 14.58 points or 0.20% to 7,311.41, Taiwan Weighted lower by 907.60 points or 4.01% to 21,734.50, Hang Seng dipped by 354.37 points 2.09% to 16,950.59, Shanghai Composite narrowed by 13.07 points or 0.45% to 2,919.32 and FTSE Bursa Malaysia KLCI slipped by 12.12 points or 0.75% to 1,612.13.

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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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