Asian markets traded mostly lower in early deals on Friday, amidst woes over economic ramifications following retaliatory attacks on critical fuel facilities in the Middle East. Receding expectations for Federal Reserve rate cuts this year are further straining the market sentiments. Additionally, the nomination of Kevin Warsh as a potentially hawkish Fed Chair has boosted the US Dollar, and pressured investments in emerging equity markets Sell-offs in technological and consumer sector stocks saddled the indices. Hang Seng dipped to a six-week low level and is on track for its third consecutive weekly loss. Stock market of Indonesia, Malaysia and Japan are closed for holiday.
Straits Times declined by 13.16 points or 0.26% to 4,954.45, Hang Seng tumbled by 186.58 points 0.73% to 25,314.00, Taiwan weighted trimmed by 123.94 points or 0.37% to 33,565.74 and Shanghai Composite curtailed by 13.94 points or 0.35% to 3,992.61.
On the flip side, KOSPI Index was up by 16.39 points or 0.28% to 5,779.61.
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