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Asian Markets trade mostly higher in early deals on Thursday

03 Jun 2021 Evaluate
Most of the Asian equity benchmarks traded higher in early deals on Thursday, cheered by the positive trend in Wall street overnight with the continued optimism over economic rebound after upbeat US manufacturing activity and as the country continues to reopen following increased Covid-19 vaccination rates and relaxed social distancing measures. However, caution ahead to the release of US monthly job report and the high number of covid-19 cases, capped major moves in the market. Oil stocks are higher amid positive crude oil rates. Technological and banking shares are also in advancing trend. Japan’s Nikkei traded higher on technical buying at prevailing levels and on major gains in the hospitality sector with the pickup in vaccination drives. However, gains remained limited as the government extended the COVID-19 state of emergency in Tokyo, Osaka and seven other prefectures to curtail fresh outbreaks, though the daily infection rates are steadily declining since it peaked in mid-May. Among the Asian markets, Japan, Singapore, South Korea, Indonesia, Taiwan and China are in positive territory. On the flip side, Hong Kong, and Malaysia are trading lower.

Nikkei 225 up by 117.92 points or 0.41% to 29,064.06, Straits Times rose 4.06 points or 0.13% to 3,165.10, KOSPI widened 31.89 points or 0.99% to 3,256.12, Jakarta Composite lifted 9.18 points or 0.15% to 6,040.76, Taiwan Weighted widened by 90.85 points or 0.53% to 17,255.89, and Shanghai Composite enlarged by 13.76 points or 0.38% to 3,610.90.

Bucking the trend, Hang Seng lower by 117.69 points or 0.40% to 29,179.93, and FTSE Bursa Malaysia KLCI slipped by 6.39 points 0.40% to 1,591.55.







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