Asian markets end mostly lower; Chinese stocks defy trend

Nikkei closed 1.61% lower. Markets in Taiwan plunged 4.11%. South Korea's Kospi index slipped 1.49%. Australian ASX 200 also ended 0.73% lower.

May 12, 2021 02:05 IST India Infoline News Service

Stocks markets in Asia have take a horrible beating this year and lost as much $6.2trillion.
Asian markets ended mostly lower on Wednesday, as investors remained concerned over a potential spike in inflation. The rising Covid-19 cases and curbs in other parts of the region further dampened the sentiment.

Japanese Nikkei-225 index tanked 3.1% early on as profit booking & worries over inflation saw Asian indices sell-off. Nikkei trimmed some losses to close 1.61% lower. Markets in Taiwan plunged 4.11%. South Korea's Kospi index slipped 1.49%. Australian ASX 200 also ended 0.73% lower.

SGX Nifty was also 0.5% lower and Indian Nifty50 shed 0.7% on Wednesday. Markets in New Zealand and South East Asia (except Malaysia) also ended in the negative.

Chinese stocks defied the trend as macro numbers beat expectations on growth & manufacturing. Shanghai Composite closed 0.61% higher while Shenzen Component advanced 0.7%. Hong Kong's Hang Seng index rallied 0.78%.

Overnight, US indices closed with losses as Dow Jones fell over 450 points with Nasdaq closing almost flat. This as inflation worries rise globally with Asia seeing its biggest sell-off in over 3 months. Bond yields harden to 1.62% while US$ tumbled to new 2 year lows.

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