Asian markets traded mostly higher in early deals on Wednesday, as lower-than-anticipated US inflation figures reduced concerns over international interest rate hikes. The market gains were driven primarily by the technology and semiconductor sectors, which benefited from a temporary decline in crude rates sparked by the United States dropping a planned maritime shipping tax. South Korea’s KOSPI skyrocketed as a global semiconductor rebound sparked an aggressive rally in tech heavyweight stocks. Meanwhile, industry giant Samsung Electronics climbed over 5%, tracking a broader global recovery across the chip manufacturing sector.
Nikkei soared by 926.50 points or 1.37% to 68,670.00, Straits Times up by 56.37 points or 1.03% to 5,551.98, Hang Seng surged by 336.27 points 1.38% to 24,677.00, KOSPI Index skyrocketed by 566.45 points or 8.26% to 7,423.28, Taiwan weighted lifted by 962.20 points or 2.15% to 45,700.15, and Jakarta Composite added by 39.07 points or 0.65% to 6,078.59.
On the flip side, Shanghai Composite lower by 3.23 points or 0.08% to 3,963.90 and FTSE Bursa Malaysia KLCI index down by 4.73 points or 0.28% to 1,715.21.
