Most of the Asian markets barring Shanghai Composite are trading weak in the morning deals on Thursday, tracking cues from Wall Street where the major averages declined overnight following concerns that the US could push up interest rates earlier than expected, attracting investments away from the region. The Federal Reserve signaled it may raise US interest rates from the middle of next year. The Japanese stock market declined on the back of a weaker yen and also after Federal Reserve Chair Janet Yellen said the central bank’s stimulus program may end this fall, with benchmark interest rates rising six months later. Among other markets in the Asia-Pacific region, Hong Kong, Indonesia, South Korea and Taiwan are trading notably lower. Singapore and Malaysia are down with modest losses, while Shanghai is down marginally.
Hang Seng declined 243.73 points or 1.13% to 21,324.96, Jakarta Composite slipped by 78.81 points or 1.63% to 4,742.65, KLSE Composite decreased 4.11 points or 0.23% to 1,813.33, Nikkei 225 tumbled 242.73 points or 1.68% to 14,219.79, Straits Times dropped by 11.38 points or 0.37% to 3,069.37, KOSPI Composite dipped 17.49 points or 0.90% to 1,920.19 and Taiwan Weighted was down by 105.85 points or 1.22% to 8,583.61.
On the flip side, Shanghai Composite was up by 7.12 points or 0.35% to 2,028.85.