Asian markets settled mostly higher on Friday after China cut its key lending rates by a record quantum to prop up the economy. Data showed that Chinese banks cut its five-year loan prime rate from 4.6 percent to 4.45 percent, while the one-year loan prime rate was left unchanged at 3.7 percent. Japanese shares jumped after data showed Japan's inflation in April exceeded the central bank's 2 percent target for the first time in seven years because of rising import costs. Seoul shares gained ahead of US President Joe Biden's visit to South Korea. Although, investors are still fretted about high inflation and rising interest rates from the Federal Reserve.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,146.57 | 49.61 | 1.60 |
Hang Seng | 20,717.24 | 596.56 | 2.96 |
Jakarta Composite | 6,918.14 | 94.80 | 1.39 |
KLSE Composite | 1,549.12 | -0.29 | -0.02 |
Nikkei 225 | 26,739.03 | 336.19 | 1.27 |
Straits Times | 3,240.58 | 49.87 | 1.56 |
KOSPI Composite | 2,639.29 | 46.95 | 1.81 |
Taiwan Weighted | 16,144.85 | 124.53 | 0.78 |
