Asian markets traded in red in early deals on Wednesday, due to risk aversion amidst stronger dollar, multi-year high global bond yield notes, soaring crude oil rates, stubborn inflation, worsening Middle East conflicts, and persistent inflation concerns. Sharp sell offs in technological and semiconductor related stocks pressured the local indices. Japan’s Nikkei tumbled to multi-week lows with the negative global cues. Japan’s benchmark 10-year government bond yield had surged to 2.8%, its highest level since September 1996.
Nikkei tumbled by 1,018.59 points or 1.68% to 59,532.00, Straits Times down by 41.33 points 0.81% to 5,031.01, Hang Seng dipped by 145.85 points 0.57% to 25,652.00, KOSPI Index plunged by 160.15 points or 2.20% to 7,111.51, Taiwan weighted wilted by 45.80 points or 0.11% to 40,129.76, Jakarta Composite dropped by 75.16 points or 1.18% to 6,295.52, Shanghai Composite decreased by 18.56 points or 0.45% to 4,150.98, and FTSE Bursa Malaysia KLCI index narrowed by 5.46 points or 0.32% to 1,721.81.
