Asian equity benchmarks traded in red in early deals on Tuesday, with the hefty sell off in Wall street overnight amid worries over inflation followed by a sharp rise in commodities prices. Moreover, surge in novel corona virus infections in Asia especially in Japan and India, and the related restrictions and lockdowns to contain the spread raised uncertainty over the span for global economic rebound from pandemic damages. Technological and Banking sector shares mostly declined in the session. Oil stocks and miners were also down. Japan’s Nikkei retreated after three straight gains, fell sharply about 880 points, with the caution in the market after government increased restrictions to tackle the fourth wave of coronavirus infections driven by more contagious variants. Japan's confirmed daily coronavirus infections had topped 6,000 for the third straight day on Sunday. Among the Asian markets, Japan, Singapore, Hong Kong, Taiwan, South Korea, Indonesia, China and Malaysia are in negative note.
Nikkei 225 down by 885.89 points or 3.00% to 28,632.45, Straits Times dipped 22.69 points or 0.71% to 3,159.72, Hang Seng narrowed by 613.45 points or 2.51% to 27,982.21,Taiwan Weighted curtailed 503.47 points or 2.92% to 16,732.14, KOSPI shrunk 44.23 points or 1.36% to 3,205.07, Jakarta Composite decreased by 58.41 points or 0.98% to 5,917.38, Shanghai Composite slipped by 9.10 points or 0.27% to 3,418.89 and FTSE Bursa Malaysia KLCI diminished by 7.72 points 0.49% to 1,576.20.