Asian markets traded in red in early deals on Thursday, as a sharp rally in crude oil intensified global inflation anxieties, driving up US Treasury bond yields. This fuelled speculation of additional Federal Reserve interest rate hikes dulling investor sentiments. Japan’s Nikkei plunged amidst intensified expectations of an imminent Bank of Japan interest rate hike. Moreover, a massive sell-off in heavyweight technology and export stocks also pressured the index.
Nikkei plunged by 1,462.95 points or 2.24% to 63,808.00, Straits Times narrowed by 7.35 points or 0.13% to 5,682.40, Hang Seng curtailed by 241.47 points or 0.98% to 24,713.00, Jakarta Composite slipped by 98.43 points or 1.52% to 6,490.91, Taiwan weighted declined by 682.09 points or 1.45% to 46,258.40, KOSPI Index tumbled by 152.89 points or 2.17% to 6,881.03, Shanghai Composite decreased by 51.48 points or 1.31% to 3,882.92, and FTSE Bursa Malaysia KLCI index dipped by 17.18 points or 1.01% to 1,688.34.
