Most of the Asian markets traded higher in early deals on Tuesday, as the market resumed trading following the Labor Day holiday. Asian indices gained momentum amid reports that beleaguered lender First Republic Bank was taken over by JPMorgan Chase & Co in an emergency deal. However, caution ahead to tomorrow’s US Fed's interest-rate decision discouraged some participant from hefty position taking. Japan’s Nikkei also advanced in the session as the local currency yen tumbled followed by the dovish stance of Bank of Japan, boosting the outlook for export-heavy Japanese industries and making Japanese assets more attractive to foreign investors. Stock market of China is closed for Labor Day holiday.
Nikkei 225 up 62.70 points or 0.22% to 29,185.88, Straight times climbed by 12.07 points or 0.37% to 3,282.58, Hang Seng rose by 17.63 points or 0.09% to 19,912.20, Taiwan widened by 33.73 points or 0.22% to 15,612.91, KOSPI stronger by 15.39 points or 0.62% to 2,516.92, and FTSE Bursa Malaysia KLCI added by 5.21 points or 0.37% to 1,421.16.
On the flip side, Jakarta Composite down 85.57 points or 1.24% to 6,830.15.
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