Asian markets traded mostly higher in early deals on Wednesday, driven by strong rally in technological stocks, and as lower oil prices eased inflation fears. Optimism over an interim agreement between the US and Iran to reopen the Strait of Hormuz, eased concerns over energy supply disruptions and inflation. Japan’s Nikkei soared with the positive global cues and on increased profits in export oriented business with the weaker local currency yen. Meanwhile, Japan’s real wages rose for a sixth consecutive month in June, reinforcing the case for additional Bank of Japan interest rate hikes.
Nikkei surged by 2,194.47 points or 3.43% to 66,152.00, Hang Seng rose by 47.08 points or 0.18% to 25,900.00, Taiwan weighted soared by 1,233.74 points or 2.85% to 44,594.40, KOSPI Index skyrocketed by 280.87 points or 4.42% to 6,639.82, Jakarta Composite up by 44.13 points or 0.70% to 6,363.74, Shanghai Composite higher by 51.75 points or 1.35% to 3,873.56 and FTSE Bursa Malaysia KLCI index lifted by 16.18 points or 0.93% to 1,748.84.
On the flip side, Straits Times down by 24.06 points or 0.43% to 5,588.19.
