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Asian markets trade mostly higher in early deals on Tuesday

16 Aug 2022 Evaluate
Most of the Asian markets traded higher in early deals of Tuesday, kindled by the positive trend in global indices in line with trivialized bets over aggressive Fed interest rate hikes after better than anticipated inflation data. China’s Shanghai picked up in the session notching a three week high rate followed by the surprisingly dovish People’s Bank of China. High-growth new energy and consumer stocks buoyed the Chinese index in the session.  Bucking the trend Japan pulled back in the session with mixed exporters and stronger local currency yen. Additionally, sluggishness in industrial production, retail sales and fixed-asset investment data of China also dulled investor sentiments.

Hang Seng up by 18.31 points 0.09% to 20,059.17, Jakarta Composite buoyed by 19.19 points or 0.27% to 7,112.47, KOSPI lifted by 6.35 points or 0.25% to 2,534.29, Shanghai higher by 7.78 points or 0.24% to 3,283.87 and FTSE Bursa Malaysia KLCI added by 9.85 points or 0.65% to 1,513.86.

On the flip side, Nikkei 225 down by 24.24 points or 0.08% to 28,847.54, Straights times shrunk 7.39 points or 0.23% to 3,249.43, and Taiwan dipped by 5.04 points or 0.03% to 15,412.31.

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