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Asian Markets trade mostly higher in early deals on Thursday

23 Sep 2021 Evaluate
Most of the Asian equity benchmarks traded higher in early deals on Thursday, as the speculators shrugged off concerns over Chinese real estate giant Evergrande's debt woes. Risk appetite in the market with the global economic rebound optimism and bargain hunting after previous session’s stock retreat boosted market investments. Investors also digested US Federal Reserve’s move to scale back its asset purchases in the near future and hike its interest rate by the end of 2022. Technological stocks soared higher with hefty accumulation of bets, while banking stocks also advanced in the session. Oil stocks are also held firm with the positive trend in crude oil rates overnight followed by the sudden unexpected drop in US crude stockpiles last week. Meanwhile, Wall street ended in green with advancement in  Nasdaq, Dow and the S&P 500.  The major European markets also moved upside in the session. China’s Shnaghai moved higher, including a surge in the shares of the indebted developer Evergrande Group and as China’s central bank injected liquidity, bolstered sentiments. Japan’s Nikkei is closed for a public holiday.  Among the Asian stocks, Singapore, Hong kong, Taiwan, Indonesia, China, and Malaysia are in negative territory. Bucking the trend, South Korea is trading lower.

Straight times up by 26.18 points or 0.86% to 3,074.23, Hang Seng rose by 166.98 points or 0.69% to 24,388.52, Taiwan Weighted higher by 148.50 points or 0.88% to 17,074.32, Jakarta Composite jumped by 26.05 points or 0.43% to 6,134.32, Shanghai Composite enlarged by 21.08 points or 0.58% to 3,649.57, and FTSE Bursa Malaysia KLCI widened by $8.33 points or 0.54% to 1,537.35.

On the flip side, KOSPI down by 11.49 points or 0.37% to 3,129.02.

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