Asian markets consolidate as Euro-zone woes limit gains

Stock markets in Asian region largely showed sign of consolidation in Wednesday’s trading session as most markets traded in close proximity with their previous closing levels. Yet they mostly traded with a positive bias as overnight rally in US markets supported sentiments. Market participants remained in positive mood on growing speculations that central banks globally could make further moves to stimulate the world economy and spur more rapid jobs growth. Though, traders took cue from one of US Federal Reserve president’s comments of favoring an accommodative policy, however, anxiety over Greek general elections scheduled later this week kept investors in Asia on the sidelines.

The benchmark in China traded with over half a percent gains and remained the top gainer in the region as investors hoped that the government there would employ some more stimulus measures to bolster the world’s second largest economy as the financial turmoil in Europe Union threatens to undermine the nation's exports. The equity index in Japan to traded in green territory after reports showed machinery orders in the country grew more than forecasted in April.

Shanghai Composite advanced 11.46 points or 0.50% to 2,301.25, Hang Seng Index rose 39.18 points or 0.21% to 18,911.74, Jakarta Composite added 4.95 points or 0.13% to 3,857.53, KLSE Composite gained 2.92 points or 0.19% to 1,578.99, Nikkei 225 ascended 28.43 points or 0.33% to 8,565.15 and Taiwan Weighted inched up 0.66 points or 0.01% to 7,072.74.

On the other hand Straits Times Index declined 6.73 points or 0.24% to 2,790.35 and KOSPI Composite Index eased 1.70 points or 0.09% to 1,853.04.