Asian markets traded mostly lower in early deals on Thursday, as escalating geopolitical tensions in West Asia pushed Brent crude oil rates above $101 a barrel. This energy price spike renewed global inflation fears and dulled investor sentiments. The market downturn is further aggravated by climbing bond yields, reinforced expectations that central banks are likely to sustain higher interest rates for longer. Hang Seng plunged in the session pressured by sharp selloff in heavyweight technology stocks like Alibaba and Meituan, alongside a massive 9% block-trade liquidation in hotpot giant Haidilao.
Nikkei down by 293.78 points or 0.45% to 64,849.00, Straits Times narrowed by 36.94 points or 0.64% to 5,692.69, Hang Seng plunged by 363.96 points or 1.44% to 24,911.00, Jakarta Composite slipped by 9.68 points or 0.14% to 6,668.52, Taiwan weighted declined by 270.27 points or 0.57% to 46,913.09 and Shanghai Composite decreased by 18.38 points or 0.47% to 3,933.13, and FTSE Bursa Malaysia KLCI index curtailed by 10.47 points or 0.61% to 1,703.87.
On the flip side, KOSPI Index up by 4.07 points or 0.06% to 7,055.71.
