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Asian markets settle mostly higher on Tuesday

04 Jan 2022 Evaluate

Asian markets settled mostly higher on Tuesday after all three major US indexes hit record highs overnight with optimistic that Omicron variant of Covid-19 would not upset the economic recovery. Japanese shares rallied after the Japanese currency yen fell to its weakest since 2017 against the US dollar, following a spike in US Treasury yields. Hong Kong shares ended little changed as shares in crisis-hit Chinese property developer Evergrande rose as they resumed trading in Hong Kong after the developer said a government order to demolish 39 buildings on the resort island of Hainan would not affect the rest of its project there. But Chinese tech stocks listed in Hong Kong declined after China's cyberspace regulator announced that internet platforms with data for more than 1 million users will need to undergo a security review before listing overseas from February 15. Chinese shares fell slightly due to profit taking with concerns over support for the financial system after the Chinese central bank PBoC cut its net injection of short-term cash to the markets. This fall is in spite of data showed Chinese factory activity growth accelerated in December. The Caixin/ Markit manufacturing Purchasing Managers’ Index came in at 50.9, rising from November’s reading of 49.9.

Asian Indices

Last Trade           

Change in Points

Change in %    

Shanghai Composite

3,632.33
-7.45
-0.20

Hang Seng

23,289.84
15.09
0.06

Jakarta Composite

6,695.37
30.06
0.45

KLSE Composite

1,541.90-7.15-0.46

Nikkei 225

29,301.79
510.08
1.77

Straits Times

3,181.13
46.88
1.50

KOSPI Composite

2,989.24
0.47
0.02

Taiwan Weighted

18,526.35
255.84
1.40




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