Asian markets traded in red in early deals on Thursday, tracking negative trend on Wall Street overnight after the hawkish US Federal Reserve's meeting minutes which signalled another interest rate hike this year. Investor sentiments dulled after Brent crude oil prices surged back above $102 a barrel due to persistent Middle East tensions, amplifying global inflation concerns. Additionally, sovereign bond yields remained elevated near multi-decade highs, putting further pressure on equities as major tech giants competed heavily for limited funding through massive debt offerings. Japan’s Nikkei retreated due to aggressive profit-taking in heavyweight tech stocks and institutional selling triggered by major TOPIX weight rebalancing adjustments.
Nikkei down by 455.71 points or 0.64% to 69,580.00, Hang Seng dipped by 163.50 points or 0.68% to 23,967.00, Straits Times slipped by 175.38 points or 3.13% to 5,433.06, KOSPI Index tumbled by 79.69 points or 1.19% to 6,724.21, Taiwan Weighted dropped by 408.97 points or 0.82% to 49,397.40, Jakarta Composite narrowed by 49.32 points or 0.80% to 6,097.40, Shanghai Composite dropped by 21.95 points or 0.57% to 3,820.24 and FTSE Bursa Malaysia KLCI index curtailed by 11.08 points or 0.69% to 1,600.70.
