Most of the Asian stock markets are trading higher in the morning deals on Tuesday, with the regional benchmarks gaining for the fourth straight day, after US shares climbed to a fresh record and China inflation quickened to the fastest pace in four months. However, gains in most of the markets in the region are just modest with investors tracking regional economic data including a report on Chinese producer and consumer prices in May. After opening on a positive note on Wall Street cues, the Japanese stock market declined, with stocks facing resistance at higher levels following the release of Chinese consumer and producer’s prices data for May. In the economy news, an index measuring tertiary industry activity in Japan plunged a seasonally adjusted 5.4% on month in April, standing at 97.4, that missed forecasts for a decline of 3.5% following the 2.4% increase in March. Among other markets in the Asia-Pacific region, South Korea and Indonesia are notably higher. Hong Kong, Shanghai, Malaysia and Taiwan are up marginally, while Singapore is slightly weak.
Hang Seng gained 91.06 points or 0.39% to 23,208.53, KOSPI Index strengthened by 13.97 points or 0.70% to 2,004.01, Jakarta Composite climbed 40.30 points or 0.82% to 4,925.38, Shanghai Composite soared 8.53 points or 0.42% to 2,039.03 and FTSE Bursa Malaysia KLCI was up by 2.30 points or 0.12% to 1,865.99.
On the flip side, Nikkei 225 tumbled by 88.62 points or 0.59% to 15,035.38 and Straits Times was down by 12.28 points or 0.37% to 3,292.92.