Extending their southward journey, all the Asian equity indices are trading in red as investors remained cautious about the implications of the Federal Reserve’s plan to wean off the US economy’s dependence on cheap money. Chinese benchmarks continue to decline after a preliminary survey showed manufacturing activity in the mainland hit a nine-month low. Other indices like, Jakarta Composite, Hang Seng, KOSPI Composite and Taiwan Weighted battered badly in early deals.
Shanghai Composite declined 19.21 points or 0.92% to 2,064.81, Hang Seng tumbled 298.07 points or 1.46% to 20,084.80, Jakarta Composite crumbled 143.72 points or 3.10% to 4,486.28, KLSE Composite dipped 11.26 points or 0.64% to 1,751.08, Nikkei 225 slipped 62.93 points or 0.48% to 12,951.65, Straits Times dropped 19.51 points or 0.62% to 3,113.75, KOSPI Composite contracted 36.83 points or 1.99% to 1,813.66 and Taiwan Weighted was down by 117.07 points or 1.48% to 7,781.84.
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