Asian markets trade mostly lower in early deals on Tuesday

Asian markets traded mostly lower in early deals on Tuesday, due to risk aversion in the market ahead of key US economic data releases and continued weakness in global market. Lingering concerns over stretched AI valuations and a renewed tech stock sell-off pressured investor sentiments. China’s weak November data showed fragile industrial output and retail turnover amid soft external demand and shaky domestic conditions also weighed down the investments. Japan’s Nikkei tumbled with the cautious ahead of a widely anticipated Bank of Japan interest rate hike later this week, supported by recent strong economic data. Strong local currency yen also dulled gains in export oriented business.

Nikkei 225 tumbled by 626.11 points or 1.25% to 49,542.00, Straits Times down by 5.26 points or 0.11% to 4,583.91, Hang Seng dipped by 489.88 points 1.95% to 25,139.00, KOSPI Index narrowed by 65.96 points or 1.61% to 4,024.63, Taiwan Weighted curtailed by 297.54 points or 1.07% to 27,569.40, Jakarta Composite lower by 1.97 points 0.02% to 8,647.69 and, Shanghai Composite shrunk by 44.08 points or 1.14% to 3,823.84.

On the flip side, FTSE Bursa Malaysia higher by 3.74 points or 0.23% to 1,647.46.