Most of the Asian equity benchmarks are trading up in the early deals on Tuesday, amid cautious trades, with some of the markets advancing on bargain hunting following the steep losses over the past few sessions. Chinese markets rise as the yuan rebounds in early trading, but analysts say that the market is still battling a deep pessimism given uncertainty in the currency market. Meanwhile, the Japanese market, which resumed trading after being closed on Monday for a public holiday, is declining for a sixth straight session amid continuing worries about the Chinese economy. Mining and oil stocks are down with notable losses on weak commodity prices. Among the other Asian markets, South Korea, Hong Kong, Indonesia, and Malaysia are up with modest gains. Bucking the trend, Singapore and Taiwan are down marginally.
Hang Seng surged 58.90 points or 0.30% to 19,947.40, FTSE Bursa Malaysia KLCI spurt 7.91 points or 0.48% to 1,645.50, Shanghai Composite added 11.34 points or 0.38% to 3,028.04, KOSPI Index increased 4.97 points or 0.26% to 1,899.81, and Jakarta Composite was up by 57.85 points or 1.30% to 4,523.33.
On the flip side, Nikkei 225 declined 394.40 points or 2.23% to 17,303.56, Straits Times dropped 3.62 points or 0.13% to 2,705.23, and Taiwan Weighted was down by 25.09 points or 0.32% to 7,763.33.