Asian markets traded mostly higher in early deals of Tuesday, supported by the intensified hopes over Fed interest rate cut next week after contraction of US manufacturing sector for the ninth consecutive month for the month of November. Rally in technical and financial sector stocks lifted the local indices. Reduced US auto tariffs on South Korean vehicles, lifted auto stocks like Hyundai and Kia in KOSPI. Japan’s Nikkei advanced with the technical correction after the index tumbled with the growing speculation of a Bank of Japan rate hike. Softer local currency yen boosted export-oriented business.
Nikkei 225 up by 81.72 points or 0.17% to 49,385.00, Straits Times rose by 9.34 points or 0.21% to 4,535.56, Taiwan Weighted added by 191.20 points or 0.70% to 27,533.73, KOSPI Index increased by 66.57 points or 1.70% to 3,986.94, Jakarta Composite added by 55.80 points or 0.65% to 8,604.59 and FTSE Bursa Malaysia higher by 6.58 points or 0.41% to 1,631.15
On the flip side, Hang Seng slipped by 21.26 points 0.08% to 26,012.00, and Shanghai Composite down by 23.80 points or 0.61% to 3,890.21.
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