"Asian Stocks" Asian stocks generally softened, with South Korean stocks falling 1.6%, underperforming. Morgan Stanley expects the Indian stock market to show significant recovery

The reopening of the Strait of Hormuz is uncertain, as Iran is dissatisfied with Israel's continued attacks on Lebanon and accuses the U.S. of violating the ceasefire agreement, leading to the reclosure of the strait. U.S. stock index futures are down between 0.4% and 0.5%; international oil prices have rebounded over 3%. After a sharp rise in major Asia-Pacific stock markets yesterday, they generally softened this morning (9th).

The mainland Chinese stock markets are slightly weak, with the Shanghai Composite Index and the Shenzhen Component Index closing down 0.72% and 0.33%, at 3,966 points and 13,996 points, respectively. Hong Kong stocks fell 140 points or 0.5% throughout the day, closing at 25,752 points, with trading volume reduced by over 34% to HKD 244.977 billion compared to the previous day. The Taiwan stock market rose 99 points or 0.3%, closing at 34,861 points. TSMC rose 0.3%, while Hon Hai fell 0.7%.

The Nikkei Index closed down 413 points or 0.7%, at 55,895 points. South Korean stocks fell 94 points or 1.6%, underperforming the region, closing at 5,778 points.

The Australian 200 Index rose 21 points or 0.2%, closing at 8,973 points. The New Zealand 50 Index rose 19 points or 0.15%, closing at 13,273 points.

The Malaysian KLCI fell 13 points or 0.8%, closing at 1,683 points. The Singapore Strait Index is currently down 0.4%, at 4,977 points. The Indonesian IDX slightly fell by 6 points or less than 0.1%, closing at 7,272 points. Thailand's Set 50 fell 0.3%, closing at 983 points. The Hanoi Index in Vietnam closed down 0.9%, and the Ho Chi Minh Index fell 0.9%. The Philippine stock market is closed for the holiday.

The Bombay Stock Exchange Index in India fell 1.2%, closing at 76,659 points. The Nifty 50 Index in India fell 0.9%, closing at 23,776 points.

Morgan Stanley published a report stating that the Indian stock market is expected to achieve significant recovery in the coming months, citing multiple factors including lagging performance, valuation, positioning, and earnings. The investment bank noted that the performance of the Indian stock market over the past 12 months is one of the worst in its history, and relative valuations have reached previous lows. The Sensex Index priced in gold is nearing its cheapest level ever.

Morgan Stanley stated that the positioning of foreign portfolio investors has weakened in recent months, while high-frequency data shows that the earnings cycle has recovered, except for the weakness caused by conflicts in March. The bank added that the Reserve Bank of India has changed its sentiment towards the rupee, which remains undervalued.

As of April 7, overseas investors have been net sellers in the Indian stock market for 23 consecutive trading days, setting a record for the longest net outflow. From the end of February to April 7, due to growing concerns about the impact of the global energy crisis on the Indian economy, foreign investors have net withdrawn USD 17.8 billion