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Asian markets trade mostly in red on Thursday

28 Nov 2024 Evaluate

Asian markets were trading mostly in red on Thursday following negative cues from the US markets as data showed U.S. consumer price inflation accelerated in line with estimates, renewing concerns about the outlook for interest rates. Meanwhile, investors assessed a surprise interest rate cut by South Korea. The Bank of Korea unexpectedly cut its benchmark interest rate by 25 basis points to 3.0%. This also marked the first time the BOK has enacted two back-to-back cuts since 2009. It had cut rates by 25 bps in its last meeting in October

Asian markets were trading mostly in red; Hang Seng declined 270.47 points or 1.4% to 19,332.66, Taiwan Weighted lost 83.35 points or 0.37% to 22,251.43, Jakarta Composite plunged 26.55 points or 0.37% to 7,219.34, Shanghai Composite weakened 9.91 points or 0.3% to 3,299.87, KOSPI was down by 0.19 points or 0.01% to 2,502.87 and KLSE Composite down by 1.66 or 0.10% to 1,602.59. On the other hand, Nikkei 225 surged 257.05 points or 0.67% to 38,392.02 and Straits Times was up by 7.02 points or 0.19% to 3,715.11.


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