Asian markets traded in red in early deals on Wednesday, as the escalating Middle East tensions, and a Gulf storm system spurred crude oil rates saddling risk appetite in the market. Elevated 10-year US Treasury yields holding near 5.3%, inflation fears and cautious stand ahead of the upcoming central bank monetary policy decisions, also dulled investor sentiments. Japan’s Nikkei snapped a two-day winning streak with hefty profit taking in semiconductor stocks. Stock markets of China is closed for National Day.
Nikkei 225 down by 550.98 points or 0.78% to 70,133.00, Hang Seng dipped by 160.56 points or 0.67% to 24,120.00, Straits Times slipped by 81.27 points or 1.43% to 5,620.27, KOSPI Index tumbled by 78.89 points or 1.14% to 6,862.50, Taiwan Weighted dropped by 13.66 points or 0.03% to 49,808.89, Jakarta Composite narrowed by 32.92 points or 0.53% to 6,160.01, and FTSE Bursa Malaysia KLCI index curtailed by 19.59 points or 1.20% to 1,613.76.
