Asian markets trade in optimistic mood as global cues support

Stock markets in Asian region largely remained on an optimistic note on Wednesday with most markets trading with notable gains of around half to one percent. Sentiments in the region were influenced by overnight upmove in US markets as encouraging data on home prices supported sentiments. However, investors remained cautious as the US consumer confidence fell to its lowest in five months in June, while from Europe too there was no good news as Spanish borrowing costs jumped. Meanwhile, expectations of a long lasting solution for the European region's onerous debt crisis grew among market participants ahead of an important upcoming Euro-Zone Summit.

The benchmarks in Indonesia and Hong Kong traded with significant gains of over a percent in the session and remained top gainers in the Asian region. Increasing hopes that government in China would further employ measures to support world’s second largest economy and encouraging housing market report from world’s largest US economy went on to temper concerns over deepening financial troubles in the Euro-zone. Meanwhile, the benchmark in South Korea remained the only laggard in the space as it traded with moderate cuts of around a quarter percent after reports indicated that confidence among South Korean manufacturers fell to the lowest level in four months.

Shanghai Composite amassed 7.64 points or 0.34% to 2,229.70, Hang Seng Index soared 223.78 points or 1.18% to 19,205.62, Jakarta Composite surged 49.77 points or 1.28% to 3,931.17, KLSE Composite rose 4.16 points or 0.26% to 1,598.26, Nikkei 225 gained 28.69 points or 0.33% to 8,692.68, Straits Times Index advanced 19.32 points or 0.69% to 2,824.95 and Taiwan Weighted climbed 55.66 points or 0.78% to 7,193.59.

On the flipside only KOSPI Composite Index declined 5.32 points or 0.29% to 1,812.49.