Most of the Asian markets are trading lower in the early deal on Thursday due to renewed worries about the global economy after a contraction in Chinese manufacturing sector activity, as well as on a report from the International Monetary Fund that the global economic recovery is still weak. The Japanese market tumbled, with investors pressing sales at several counters following the release of weak trade data and as the yen gained. Japan's merchandise trade deficit stood at 2,789.97 billion yen in January, missing forecasts for a shortfall of 2,487 billion yen following the downwardly revised deficit of 1,304.2 billion yen in December. Among other markets in the Asia-Pacific region, Hong Kong, Taiwan and South Korea are trading notably lower. Singapore, Malaysia and Indonesia are down marginally, while Shanghai is trading notably higher despite a faster-than-estimated drop in manufacturing activity.
Hang Seng tumbled 241.92 points or 1.07% to 22,422.60, Jakarta Composite decreased 11.31 points or 0.25% to 4,581.34, KLSE Composite declined by 3.18 points or 0.17% to 1,826.27, Nikkei 225 crumbled 283.35 points or 1.92% to 14,483.18, Straits Times slipped by 2.50 points or 0.08% to 3,086.2, Seoul Composite dropped 10.72 points or 0.55% to 1,932.21 and Taiwan Weighted was down by 37.29 points or 0.43% to 8,539.72.
On the flip side, Shanghai Composite was up by 14.28 points or 0.67% to 2,156.83.