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Asian markets trade mostly higher in early deals of Tuesday

24 Sep 2024 Evaluate
Asian markets traded mostly higher in early deals of Tuesday, mirroring positive Wall Street overnight after the sharp interest rate cut by US Federal Reserve to tackle the peaking inflation. Meanwhile, investors awaited for Friday's US PCE inflation data for August. Hang Seng is trading near its four-month high after a series of stimulus measures from the Chinese central bank.  China is to cut its RRR by 50bps to unleash CNY 1 trillion, while the 7-day reverse repo rate will be trimmed to 1.5% from 1.7%, and Beijing will also cut rates on existing mortgage loans. Japan’s Nikkei also advanced in the session with the dovish remarks from Bank of Japan. Weaker local currency yen also encouraged foreign inflows.

Nikkei 225 up by 310.22 points 0.82% to 38,034.13, Hang Seng rose by 598.26 points 3.28% to 18,845.37, Taiwan Weighted climbed by 8.72 points or 0.04% to 22,294.25, KOSPI Index jumped by 2.34 points or 0.09% to 2,604.35, Jakarta Composite enlarged by 13.17 points or 0.17% to 7,788.90, Shanghai Composite surged by 65.38 points or 2.32% to 2,814.30, and FTSE Bursa Malaysia KLCI higher by 3.86 points or 0.23% to 1,669.16.

On the flip side, Straits Times down by 0.75 points 0.02% to 3,637.79.

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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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