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Asian Markets trade mostly higher in early deals on Wednesday

15 Dec 2021 Evaluate
Most of the Asian equity benchmarks traded higher in early deals on Wednesday, with some bargain hunting after previous session’s lower positions. However, gains were limited ahead to the key US Federal Reserve Bank policy meeting amid the latest surge in inflation rates which accelerated concerns over global economic health. The Central Bank is ought to announce time frame on when it would stop buying assets and start raising interest rates after the policy meeting. Additionally, concerns that Omicron variant of corona virus is spreading rapidly than previous strains also dulled sentiments. Technological shares are mostly pulling back in the session, while banking and financial sector picked up in the session. Oil Stocks also advanced, despite weak crude oil rates amid demand concerns with the renewed restrictions due to surging Omicron cases. Nikkei is slightly higher, though inflation concerns and the caution ahead to the Bank of Japan’s meet limited position build up. Among the major exporters, Panasonic is advanced about 1.16%, Sony is higher by 1.82%. Weaker local currency yen also supported investments. Among the Asian stocks, Japan, Taiwan, China, Indonesia and Malaysia are trading in green. Bucking the trend, Singapore, Hong Kong, and South Korea were in negative territory.

Nikkei 225 up by 3.94 points or 0.01% to 28,436.58, Hang Seng climbed by 48.99 points or 0.21% to 23,684.94, ,Taiwan Weighted rose by 28.23 points or 0.16% to 17,627.60, Jakarta Composite widened by 38.59 points or 0.58% to 6,654.23, Shanghai Composite lifted by 2.66 points or 0.07% to 3,664.19.

On the flip side, Straight times down by 11.19 points or 0.36% to 3,109.90, KOSPI shrunk by 3.74 points or 0.13% to 2,984.21 and FTSE Bursa Malaysia KLCI lower by 2.79 points or 0.19% to 1,478.13.

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