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Asian markets trade mostly higher in early deals on Tuesday

20 Feb 2024 Evaluate

Asian markets traded mostly higher in early deals on Tuesday, with the technical buying ahead to release of US Federal Reserve’s monetary policy meeting minutes and on People Bank of China’s bigger-than-expected benchmark interest rate cut. China’s Shanghai index advanced on economic rebound optimism. The central bank of China slashed its five-year loan prime rate by 25 basis points to 3.95%, more than forecasts for a 15 bps cut. Bucking the trend, Japan’s Nikkei retreated from its 34 year peak rate on profit taking at prevailing levels. Albeit, increased foreign inflows with the weaker local currency yen capped some losses in the session.

Straits Times rose 2.30 points or 0.07% to 3,228.21, Jakarta Composite up by 38.17 points or 0.52% to 7,334.87, Taiwan Weighted lifted by 100.94 points or 0.54% to 18,736.74, Shanghai Composite widened by 0.67 points or 0.02% to 2,911.21 and FTSE Bursa Malaysia KLCI higher by 8.04 points or 0.52% to 1,546.65

On the flip side, Nikkei 225 down by 103.42 points or 0.27% to 38,366.96, Hang Seng reduced 44.34 points 0.28% to 16,111.27, and KOSPI Index dipped 32.50 points or 1.21% to 2,647.76.


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