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29-Jul2016

Asian markets trade mostly lower in early deals on Friday

Most of the Asian equity benchmarks are trading lower in the early deals on Friday as the Bank of Japan acted narrowly on easing policy, avoiding pulling harder on levers on negative interest rates and asset purchases. Japan's Nikkei share average erased earlier gains and slipped after the Bank of Japan eased monetary policy but not to the degree that many in the market had expected. The BOJ eased its monetary policy further by increasing its buying of exchange-traded funds (ETFs), it didn't changed interest rates or increase the monetary base. In China, shares fell even on buzz the banking regulator's proposals to limit investment in equities through wealth-management products will have limited effect on money flowing into the stock market. Among the other Asian markets, Hong Kong, South Korea, Singapore, Malaysia, and Taiwan are lower. Bucking the trend, Indonesia is up with modest gains.

Nikkei 225 dipped 300.24 points or 1.82% to 16,176.60, Hang Seng dropped 182.40 points or 0.82% to 21,991.94, KOSPI Index slipped 3.29 points or 0.16% to 2,017.81, FTSE Bursa Malaysia KLCI decreased 2.32 points or 0.14% to 1,656.18, Taiwan Weighted contracted 66.60 points or 0.73% to 9,010.04, Straits Times declined 35.17 points or 1.21% to 2,883.45, and Shanghai Composite was down by 2.00 points or 0.07% to 2,992.32.

On the flip side, Jakarta Composite was up by 23.57 points or 0.44% to 5,322.79.


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