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Asian markets trade higher in early deals on Tuesday

22 Aug 2023 Evaluate
Most of the Asian markets traded higher in early deals on Tuesday, buoyed mainly by the tech sector rally in global indices ahead of the speech by Federal Reserve Chair Jerome Powell. Trivialized bets on more hawkish US central bank amid rising Treasury bond yields and increasing home mortgage rates with the softer inflation backdrop boosted investor sentiments. Meanwhile, some gains remained trimmed amidst lingering economic uncertainties in China, as the government failed to inject forceful policy support measures to boost growth. However, Japan’s Nikkei advanced with the positive close on Wall street overnight and on better foreign investments with the weakness in local currency yen.

Nikkei 225 up 229.35 points or 0.73% to 31,794.99, Hang Seng rose by 28.85 points or 0.16% to 17,652.14, Taiwan higher by 59.94 points or 0.37% to 16,441.43, KOSPI enlarged by 7.82 points or 0.31% to 2,516.62, Jakarta Composite widened by 48.17 points or 0.70% to 6,914.20 and FTSE Bursa Malaysia KLCI higher by 4.64 points or 0.32% to 1,455.21.

On the flip side, Straight times dipped by 2.19 points or 0.07% to 3,151.84, and Shanghai down by 7.50 points or 0.24% to 3,085.48.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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