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Asian Markets trade mostly higher in early deals of Thursday

02 Feb 2023 Evaluate
Most of the Asian Markets traded higher in early deals of Thursday as the investor sentiments got whetted after Federal Reserve trimmed the size of interest rate hike as widely anticipated. The US Federal Reserve lifted the benchmark rate by another 25 basis point and indicated further hikes to tackle the soaring inflation. Meanwhile, accelerated bets on interest rate tightening cycle nearing to end, global economic rebound optimism and receding covid-19 restrictions also supported risk appetite. Japan’s Nikkei advanced in tandem with the rally in Wall Street overnight. Even though, gains were trimmed as the monetary base in Japan narrowed by 3.8% YoY in January, followed by contraction of 6.1% in December.

Nikkei 225 up by 37.73 points or 0.14% to 27,383.08, Hang Seng rose by 90.28 points or 0.41% to 22,162.46, KOSPI widened by 22.85 points or 0.93% to 2,472.65, Jakarta Composite enlarged by 26.64 points or 0.39% to 6,888.90, Taiwan added by 158.36 points or 1.03% to 15,577.42, Shanghai lifted by 9.59 points or 0.29% to 3,294.51 and FTSE Bursa Malaysia KLCI supported by 2.03 points or 0.14% to 1,487.53.

On the flip side, Straight times lower 14.28 points or 0.42% to 3,363.37.

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