Asian markets traded mostly lower in early deals on Friday, saddled by the sharp sell offs in technological and artificial intelligence-related stocks amid woes over valuation. Hawkish comments from Federal Reserve, increased borrowing costs, contraction in China’s contraction in manufacturing as well as services sectors, and ongoing concerns over Taiwan-China relations, also dulled investor sentiments. Japan’s Nikkei rebounded tumbled with the negative trend in global stocks. Stronger local currency yen pressured the export- oriented business of the country.
Nikkei 225 tumbled by 893.68 points or 1.76% to 49,990.00, Hang Seng narrowed by 245.90 points 0.93% to 26,240.00, Straits Times dipped 0.56 points 0.01% to 4,484.43, Taiwan Weighted curtailed by 216.20 points or 0.77% to 27,683.25, KOSPI Index wilted 96.42 points or 2.39% to 3,930.03.
On the flip side, Jakarta Composite up by 23.78 points or 0.28% to 8,360.84, Shanghai Composite rose by 0.97 points or 0.02% to 4,008.73, and FTSE Bursa Malaysia KLCI higher by 0.75 points or 0.05% to 1,619.69.
