Asian markets traded in red in early deals of Monday, due to risk aversion followed by the nomination of perceived hawkish candidate, Kevin Warsh as the next Federal Reserve Chairman. Concerns on delayed returns on investment with the rising AI infrastructure spending resulted pull back from tech-heavy stocks. Broad sector declines, coupled by a sharp drop in US futures after bitcoin’s weekend slide and Friday’s heavy sell-off in precious metals also saddled the local indices. Shares of major chipmakers declined even as data indicated surge in January exports to a record high on robust semiconductor demand. Hang Seng extended losses from the prior session and retreating from last week’s 4-1/2-year high. Stock market of Malaysia is closed for Federal Territory Day.
Nikkei 225 down by 314.85 points or 0.59% to 53,008.00, Straits Times dipped by 16.55 points or 0.34% to 4,888.58, Hang Seng plunged by 656.11 points 2.45% to 26,731.00, KOSPI Index tumbled by 185.67 points or 3.55% to 5,038.69, Taiwan weighted slipped by 648.37 points or 2.02% to 31,415.38, Jakarta Composite declined by 428.49 points 5.14% to 7,901.12 and Shanghai Composite decreased by 54.41 points or 1.32% to 4,063.54.
