Asian markets traded mostly lower in early deals on Wednesday, as the renewed military escalation between the US and Iran triggered overnight airstrikes, intensifying geopolitical anxiety across global markets. Surging crude oil rates, and concerns over global inflation with the energy supply disruptions along the Strait of Hormuz also resulted risk aversion among investors. Sharp sell-off in technological sector stocks and multi-year high rally in global bond yields also pressured the local indices.
Nikkei plunged by 1,951.34 points or 2.95% to 64,264.00, Straits Times dipped by 1.42 points or 0.02% to 5,708.95, Hang Seng tumbled by 276.73 points or 1.10% to 25,053.00, KOSPI Index declined by 275.45 points or 4.03% to 6,560.35, Taiwan weighted fell by 642.23 points or 1.37 % to 46,306.49, Shanghai Composite slipped by 38.15 points or 0.96% to 3,941.74, and Jakarta Composite was down by 22.86 points or 0.35% to 6,577.08.
On the flip side, FTSE Bursa Malaysia KLCI index was up by 1.07 points or 0.06% to 1,701.61.
