Most of the Asian equity benchmarks traded in red in early deals on Monday, saddled by the worries on ramifications over hawkish monetary policy measures by the Central banks. The US Federal Reserve will conclude its two-day meeting on Wednesday, and is expected to raise interest rate by 75-basis-point (bp).
Meanwhile, participants are in risk aversion ahead to quarter-2 US GDP data and key corporate earnings reports. Additionally, the ongoing Chinese property crisis and resurgence of covid-19 cases also pressured investments. Shanghai extended losing streak to third straight session. While, Japan’s Nikkei snapped its seven day winning streak in conjunction with the negative global cues and on profit booking at prevailing levels.
Nikkei 225 down by 217.28 points or 0.78% to 27,697.38, Hang Seng decreased by 156.01 points or 0.76% to 20,453.13, Taiwan Weighted diminished by 8.74 points or 0.06% to 14,940.62, Jakarta Composite narrowed by 14.56 points or 0.21% to 6,872.40 Shanghai Composite curtailed by 15.58 points or 0.48% to 3,254.39 and FTSE Bursa Malaysia KLCI lower by 0.91 points or 0.06% to 1,464.89.
Bucking the trend, Straight times up by 7.76 points or 0.24% to 3,189.10, and KOSPI rose by 14.22 points or 0.59% to 2,407.36.