Asian markets trade lower in early deals on Thursday

Asian equity benchmarks are trading down in the early deals on Thursday, following the weak cues overnight from Wall Street on some disappointing economic data that added to concerns about global economic growth. Investors are also treading cautiously following the release of key economic data by China and Australia, including data that showed China's services sector expanded in April, but a slower pace. The Caixin China services purchasing managers index slipped to 51.8 in April from 52.2 in March. A reading above 50 indicates an expansion. Meanwhile, Hong Kong stocks dipped following a three-day losing streak, after US equities closed down overnight on lacklustre economic data. Among the other Asian markets, South Korea and Japan are closed for Children's Day, while Indonesia is off for Ascension Day.

Hang Seng slipped 71.75 points or 0.35% to 20,454.08, Shanghai Composite contracted 8.22 points or 0.27% to 2,983.06, Straits Times dropped 13.25 points or 0.48% to 2,759.82, Taiwan Weighted dipped 6.51 points or 0.08% to 8,178.96, and FTSE Bursa Malaysia KLCI was down by 9.16 points or 0.55% to 1,648.42.