Most of Asian equity benchmarks traded lower in early deals on Tuesday, as the soaring new covid infection numbers and extended lockdown restrictions dulled the market sentiments. Asian stocks dipped for the first time in four straight sessions with the worries amid news that China is curtailing loan growth. Japan’s Nikkei is trading in red with the index just above the 29,800 level, as the participants side-lined followed by the release of data which reported that household spending reduced 6.6% YoY in February, the third consecutive monthly drop. Japan’s exporting also weighed down with the stronger yen. Stock market of Hong Kong, is closed for a holiday. Among the Asian markets, Japan, Singapore, South Korea, China, and Malaysia are in lower note. However, Indonesia and Taiwan are trading higher.
Nikkei 225 down by 329.57 points or 1.10 to 29,759.68, Straits Times decreased 11.23 points or 0.35% to 3,198.51, KOSPI Index narrowed by 1.58 points or 0.05% to 3,119.25, Shanghai Composite slipped by 11.07 points or 0.32% to 3,473.32, and FTSE Bursa Malaysia KLCI lower by 4.05 points 0.26% to 1,580.19.
On the flip side, Jakarta Composite up by 18.43 points or 0.31% to 5,988.72, and Taiwan Weighted lifted 156.19 points or 0.94% to 16,727.47.