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Asian markets trade mostly higher in early deals on Tuesday

21 Jun 2022 Evaluate
Most of the Asian markets traded higher in early deals on Tuesday, supported by some technical buying as the global stocks witnessed worst correction since 2020. Asian indices had tumbled in previous sessions due to worries over global economic slowdown with the rising inflation, aggressive monetary policy tightening, resurgence in covid cases and ongoing geo-political tensions. Japan’s Nikkei rebounded significantly from its three-month low hit as a part of bargain hunting and in tandem with the positive European stocks. Major exporters of Japan picked up considerably with the weaker local currency yen. Shanghai stocks also advanced in the session as it joined the over all rally in global markets. Moreover, optimism over dovish monetary policy measures by the government and on US President Joe Biden’s affirmation on removing some tariffs on China supported investor sentiments. However, concerns over economic recovery of the country limited some gains.

Nikkei 225 up by 527.04 points or 2.05% to 26,298.26, Straight times climbed 21.86 points or 0.71% to 3,118.26, Hang Seng increased by 310.39 points 1.47% to 21,474.30,Taiwan higher by 311.53 points or 2.03% to 15,679.11, KOSPI lifted by 20.17 points or 0.84% to 2,411.20, Jakarta Composite buoyed by 34.78 points or 0.50% to 7,011.16, Shanghai widened by 5.81 points or 0.18% to 3,321.24, and FTSE Bursa Malaysia KLCI enlarged by 7.12 points or 0.49% to 1,448.36.

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