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Asian markets trade mostly higher in early deals on Tuesday

07 May 2024 Evaluate

Most of the Asian markets traded higher in early deals on Tuesday, whetted by the rally in technological sector amidst intensified expectations over Fed interest rate trims after softer US jobs data. Investor sentiments also got boosted with the bets for supportive policies following China's recent Politburo meeting. Technical buying ahead of China’s April trade figures and inflation numbers this week also encouraged equity investments. Japan’s Nikkei advanced the most among Asian indices, trading near its three week high as it resumed trading after holiday-extended weekend. Softer local currency yen buoyed foreign investments. Bucking the trend, Hang Seng retreated for the first time out of eleven consecutive gain sessions, due to profit taking after it notched eight-month high level.

Nikkei 225 surged 494.06 points 1.29% to 38,730.13, Straits Times rose by 2.80 points 0.08% to 3,305.99, Taiwan Weighted enlarged by 71.88 points or 0.35% to 20,595.19, KOSPI Index widened by 52.45 points or 1.96% to 2,729.08, Shanghai Composite buoyed by 2.00 points or 0.06% to 3,142.72 and FTSE Bursa Malaysia KLCI was up by 11.97 points or 0.75% to 1,609.36.

On the flip side, Hang Seng down by 157.92 points 0.86% to 18,420.38, and Jakarta Composite slipped by 7.11 points or 0.10% to 7,128.78.

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