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Asian Markets trade mostly higher in early deals on Wednesday

23 Jun 2021 Evaluate
Most of the Asian equity benchmarks traded higher in early deals on Wednesday, as the worries over benchmark interest rate hike faded after US Federal Reserve Chair Jerome Powell trivialized the risks of inflation during the testimony before House Select Subcommittee on the Coronavirus Crisis, and also pointed out the sustainability in economic improvement. Technological stocks mostly gained followed by overnight rally in tech heavy Nasdaq Composite. Oil stocks eased after crude oil rates plunged. Japan’s Nikkei extended its previous session gains in tandem with gains in Wall street overnight, though it went red in the opening of the session. The benchmark index is just above the 28,900 level, amid optimism after minutes of Bank of Japan's monetary policy meeting of the April gave out positive outlook on economic recovery. Among the Asian markets, Japan, Hong Kong, Singapore, Indonesia, Taiwan, China, and South Korea are in positive territory. Bucking the trend, Malaysia traded lower.

Nikkei 225 up by 26.03 points or 0.09 % to 28,910.16, Straits Times rose 6.31 points or 0.20% to 3,115.51.Hang Seng higher by 198.59 points or 0.70% to 28,508.35, KOSPI lifted 9.23 points or 0.28% 3,273.11, Jakarta Composite climbed by 12.24 points 0.20% to 6,100.08, Taiwan Weighted supported by 161.15 points or 0.94% to 17,236.70, and Shanghai Composite widened by 2.37 points or 0.07% to 3,559.78. 

On the flip side,FTSE Bursa Malaysia KLCI down by 4.63 points 0.29% to 1,569.39.

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