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Asian Markets trade mostly higher in early deals on Tuesday

18 May 2021 Evaluate
Most of the Asian equity benchmarks traded higher in early deals on Tuesday, with the bargain buying by domestic and foreign institutional investors after stocks subdued in the previous session amid most of the regions are restarting lockdowns to contain the continued spike in novel coronavirus infections. Technological and communication services stocks gained the momentum in the session. Oil stocks advanced as crude oil picked up amid demand expectations. Japan’s Nikkei rebounded from previous session losses despite sharp decline in local GDP in quarter one and negative cues from Wall street overnight. Recruit Holdings, Japan Steel Toyobo, IHI, T&D Holdings and Dai-ichi Life were some of the major gainers of the index. Among the Asian markets, Japan, Taiwan, South Korea, Singapore, Hong Kong and China are in positive trend. On the flip side, Indonesia and Malaysia are trading lower.

Nikkei 225 up by 603.81 points or 2.17% to 28,428.64, Straits Times rose 44.76 points or 1.45% to 3,124.45, Hang Seng picked up by 351.11 points or 1.25% to 28,545.20, Taiwan Weighted widened 688.20 points or 4.88% to 16,042.09, KOSPI higher 33.71 points or 1.08% to 3,168.23 and  Shanghai Composite was up by 2.86 points or 0.08% to 3,520.48.

Bucking the trend, Jakarta Composite decreased by 45.18 points or 0.77% to 5,788.68 and FTSE Bursa Malaysia KLCI down by 1.34 points 0.08% to 1,582.12.

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