The Nasdaq Composite, meanwhile was in positive territory last week, gaining 0.6%.

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Although South Korea's Kospi Composite briefly managed to move into positive territory just before Bank of Korea's policy announcement, the index quickly slipped back, ending 0.8% lower at 1933.09.

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"We expect the choppiness in the data to persist in the near term, but look for the broader underlying trend in both the quarterly national index and the monthly composite-20 index to remain positive, " Chen says.

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