Asian markets traded mostly lower in early deals on Friday, saddled by heightened geopolitical tensions and concerns over a potential regional conflict. Profit-taking by foreign and institutional investors after recent rallies in technological sector stocks also attributed decline. Shanghai stocks retreated in the session after industrial profits in China fell 9.1% year-on-year in May. This marked the sharpest drop in seven months, underscoring persistent economic headwinds. Stock markets of Indonesia and Malaysia are closed for Islamic New Year (Hijri).
Hang Seng down by 15.72 points 0.06% to 24,309.68, KOSPI Index decreased by 33.25 points or 1.06% to 3,046.31, Taiwan Weighted slipped by 1.28 points 0.01% to 22,491.06, and Shanghai Composite declined by 7.15 points or 0.21% to 3,441.30.
On the flip side, Nikkei 225 rose by 558.42 points or 1.41% to 40,143.00, Straits Times was up by 25.12 points 0.64% to 3 3,963.58.
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