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Asian Markets trade mostly higher in early deals on Thursday

04 May 2023 Evaluate
Most of the Asian Markets traded higher in early deals on Thursday, as the investors' sentiments got boosted after the US Federal Reserve indicated a possible pause in interest rate hikes in June. The US central bank raised interest by quarter basis to 5-5.25% yesterday to extinguish inflation. Among the Asian indices Hang Seng advanced the most as the participants went optimistic after strong economic data of the country during Q1 of 2023. Moreover, anticipations that a recovery momentum will extend into Q2 due to robust private spending and an upturn in tourism, also lifted the index further. Meanwhile, Hong Kong Monetary Authority hiked the base rate by the same margin as the Fed did, bringing borrowing costs to the highest level since January 2008. The Japanese stock market is closed on account of Greenery Day holiday, while Malaysian stock market is closed for Vesak Day holiday.

Hang Seng rose by 199.86 points or 1% to 19,899.02, Straight times up by 1.03 points or 0.03% to 3,263.04, Taiwan widened by 54.57 points or 0.35% to 15,607.98, Jakarta Composite enlarged 17.33 points or 0.25% to 6,830.05 and Shanghai buoyed by 18.46 points or 0.55% to 3,341.73, and 

On the flip side, KOSPI dipped by 7.55 points or 0.30% to 2,493.85.

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