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Asian markets trade mostly lower in early deals on Tuesday

08 Oct 2024 Evaluate
Asian markets traded mostly lower in early deals on Tuesday, saddled by the concerns over trimmed chances of 50 bps interest rate cuts by Federal Reserve in its November meeting followed by upbeat monthly jobs data. Sharp sell-off in technological sector stocks with its global counter partners and intensified tensions in the Middle East also pressured indices further. Climbing oil rates and rising Treasury yields also dulled investor sentiments. Japan’s Nikkei retreated sharply after three consecutive gains amidst rebound in local currency yen and on woes over lingering uncertainty on Bank of Japan’s monetary policy. 

Nikkei 225 tumbled by 424.26 points 1.08% to 38,908.48, Straits Times narrowed by 2.87 points 0.08% to 3,596.32, Hang Seng slipped 1,289.78 points 5.91% to 21,810.00, KOSPI Index curtailed by 11.43 points or 0.44% to 2,598.95, Taiwan Weighted dipped by 102.21 points or 0.45% to 22,600.35, and FTSE Bursa Malaysia KLCI lower by 2.60 points or 0.16% to 1,632.69.

On the flip side, Jakarta Composite up by 25.64 points or 0.34% to 7,529.78, and Shanghai Composite jumped by 160.32 points or 4.58% to 3,496.82.

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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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