Most of the Asian equity benchmarks traded lower in early deals on Friday, weighed down by the cautiousness amid the distressing wave of novel coronavirus infections in several parts of the region and on prospects of inflation with the global economic rebound. Countries like Japan, India and Taiwan are currently experiencing record level surge in infections. Technological shares mostly gained, while banking shares were mixed in the session and major miners and energy stocks are in negative trend. However, technical buying at prevailing lower levels lifted some of the indices. Japan’s Nikkei, extended its previous sessional gain cheered by the advanced Wall street stocks overnight and on some bargain buying at prevailing levels. However, some of the gains remained trimmed with the souring outlook for services industries as country hit a record of highest number of new covid-19 cases on record last month. Meanwhile, Wall Street shares bounced back for the first time after three straight days of losses. Among the Asian markets, Hong Kong, South Korea, China, Indonesia and Malaysia are in negative side. On the flip side, Japan, Singapore, and Taiwan are advancing.
Hang Seng dropped by 80.84 points or 0.28% to 28,369.45, KOSPI lower 11.87 points or 0.38% to 3,150.41, Shanghai Composite narrowed by 15.90 points or 0.45% to 3,491.04, Jakarta Composite decreased by 23.69 points or 0.41% to 5,773.91 and FTSE Bursa Malaysia KLCI dipped by 21.62 points 1.37% to 1,553.70.
Bucking the trend, Nikkei 225 up by 203.24 points or 0.72% to 28,301.49, Straits Times rose 2.09 points or 0.07% to 3,111.90, Taiwan Weighted lifted by 155.19 points or 0.97% to 16,197.55.