Most of the Asian equity benchmarks are trading up in the early deals on Tuesday after dovish comments from the Federal Reserve Chair Janet Yellen indicated that a US interest rate increase will only be gradual, and as crude oil prices settled overnight at their highest level in 2016. In her first comments since Friday's awful US jobs report, Yellen said that recent signs of a slowdown in job creation bear close watching. She also omitted her recent assessment that interest rate hikes were likely in the coming months. Meanwhile, Japanese stocks rose as energy shares rallied on higher oil prices and the yen weakened after Federal Reserve Chair Janet Yellen said the US economy is on a firm footing. Among the other Asian markets, South Korea, Singapore, Hong Kong, Indonesia, Taiwan and Malaysia are in positive territory. Bucking the trend, Shanghai is lower as investors awaited economic data about the country’s capital outflows.
Nikkei 225 surged 104.85 points or 0.63% to 16,684.88, Hang Seng gained 167.87 points or 0.80% to 21,198.09, FTSE Bursa Malaysia KLCI added 9.82 points or 0.60% to 1,658.81, Straits Times increased 12.25 points or 0.43% to 2,843.53, Jakarta Composite jumped 27.80 points or 0.57% to 4,923.83, Taiwan Weighted spurt 73.77 points or 0.86% to 8,670.88, and KOSPI Index was up by 20.42 points or 1.03% to 2,006.26.
On the flip side, Shanghai Composite was down by 4.31 points or 0.15% to 2,929.79.
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