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Asian markets trade lower on Fed’s tapering concern

03 Dec 2013 Evaluate

Most of the Asian equity benchmarks are trading lower in early deals on Tuesday as investors remained cautious, tracking negative cues from Wall Street, as better than economic reports raised speculation the Federal Reserve will soon tighten its monetary policy. Back on regional turf, Shanghai Composite edged lower on expectations that China will restart initial public offerings in the new year, raising fears of a share glut. However, the Japanese market opened higher, with the yen’s decline against the US dollar prompting investors to indulge in some buying, particularly in exporters.

Shanghai Composite dipped 1.81 points or 0.08% to 2,205.56, Hang Seng declined 140.22 points or 0.58% to 23,898.33, Jakarta Composite dropped 21.56 points or 0.50% to 4,300.41, Straits Times decreased 0.20 points or 0.01% to 3,188.56, Seoul Composite shed 16.89 points or 0.83% to 2,013.89 and Taiwan Weighted was down by 2.83 points or 0.03% to 8,411.78.

On the flip side, KLSE Composite rose 9.56 points or 0.53% to 1,827.71 and Nikkei 225 was up by 102.84 points or 0.66% to 15,757.91. 

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