Asian markets trade lower in early deals on Wednesday

Asian equity benchmarks are trading down in the early deals on Wednesday with worries about global economic growth and the further fall in crude oil prices weighing on investor sentiment. On Tuesday, the International Monetary Fund cut its world growth outlook, highlighting weaker prospects for commodity-producing nations and risks tied to the Federal Reserve’s exit from ultra-low interest rates. The IMF cut its global growth forecast for 2016 to 3.4 percent, from 3.6 percent. Meanwhile, the Japanese stock market is sharply lower as the continued fall in oil prices and uncertainty about China's economy weighed on investor sentiment. Additionally, a stronger yen dragged down exporters' stocks.

Nikkei 225 dropped 492.42 points or 2.89% to 16,555.95, Hang Seng contracted 740.93 points or 3.77% to 18,894.88, Straits Times dipped 65.86 points or 2.50% to 2,572.61, KOSPI Index decreased 53.63 points or 2.84% to 1,836.01, FTSE Bursa Malaysia KLCI declined 6.87 points or 0.42% to 1,622.35, Jakarta Composite slipped 13.63 points or 0.30% to 4,478.10, Shanghai Composite crumbled 41.08 points or 1.37% to 2,966.66, and Taiwan Weighted was down by 144.78 points or 1.84% to 7,710.10.