Asian markets traded mostly lower in early deals on Thursday, after the US and Iran exchanged military strikes. The escalation led US President Donald Trump to declare their ceasefire over, reviving fears of a broader Middle East conflict. Lingering inflation fears, higher crude oil prices driven by geopolitical tensions in the Middle East, and hawkish Federal Reserve interest rate expectations dulled investor sentiments. Heavy sell-offs in technology and property companies, saddled the local indices. Hang Seng retreated in the session followed by sluggish retail sales and cautious domestic consumption in mainland China.
Hang Seng down by 220.46 points or 0.92% to 23,979.00, KOSPI Index curtailed by 13.06 points or 0.18% to 7,233.73, Taiwan weighted slipped by 29.43 points or 0.06% to 45,704.98, Shanghai Composite lower by 18.39 points or 0.46% to 3,952.49, and FTSE Bursa Malaysia KLCI index trimmed by 5.71 points or 0.34% to 1,677.90.
On the flip side, Nikkei surged by 1,136.95 points or 1.70% to 67,956.00, Straits Times rose by 40.00 points or 0.74% to 5,409.57, and Jakarta Composite higher by 22.88 points or 0.39% to 5,896.25.
