Most of the Asian equity benchmarks are trading higher in the early deals on Wednesday, tracking the overnight gains on Wall Street and higher commodity prices. In addition, better-than-expected regional economic data boosted optimism about global economic growth. Investors also digested the developments in Catalonia after Catalan President Carles Puigdemont stopped short of declaring independence from Spain and called for further talks with Madrid. Meanwhile, Japan’s Nikkei share average rose in choppy trade, edging closer to a 21-year high supported by buying in defensive stocks, while Kobe Steel extended its losses after confirming a media report that it fabricated data in iron power products. Among the other Asian markets, Shanghai, Singapore, South Korea, Hong Kong and Taiwan are also higher. Bucking the trend, Indonesia and Malaysia are lower.
Nikkei 225 gained 54.9 points or 0.26% to 20,878.41, Hang Seng added 0.41 points to 28,491.24, Taiwan Weighted rose 97.66 points or 0.93% to 10,630.47, Straits Times strengthened 1.37 points or 0.04% to 3,290.32, KOSPI Index increased 19.91 points or 0.82% to 2,453.72, and Shanghai Composite was up by 11.29 points or 0.33% to 3,394.27.
On the flip side, Jakarta Composite dipped 39.45 points or 0.67% to 5,866.31, and FTSE Bursa Malaysia KLCI was down by 4.91 points or 0.28% to 1,756.22.