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A tech-led Wall Street rally lifted sentiment throughout the globe on Tuesday, propelling gains in Asia’s main stock indices.
When US IT giants Meta Platforms, Alphabet, and Microsoft released their quarterly reports later this week, investors placed bets on them. The Japanese yen saw fresh 34-year lows due to pressure from a still-strong dollar.
Despite worries about tensions in the Middle East, Japan’s Nikkei share average increased throughout that time.
After falling to a 10-week low on Friday, the Nikkei share average rebounded by 0.30%, or 113.55 points, to settle at 37,552.16, recording gains for the second straight session. At 2,666.23, the overall Topix was higher by 0.14% or 3.77 points.
Utilities also performed well, with Osaka Gas rising 4.84% to become the largest percentage gainer on the Nikkei following an increase in its profit estimate. Tokyo Gas increased by 2.79%.
Conversely, technological businesses lifted Hong Kong shares while cyclical shares like commodities pulled down China equities.
China’s falls were driven by non-ferrous metals businesses, which fell 3.4%, and coal-related equities, which fell 1.3%.
The consumer staples sector saw an increase of 0.81%, the real estate index saw a decrease of 0.79%, the healthcare sub-index saw a decrease of 0.55%, and the finance sector sub-index had an increase of 0.57% earlier in the day. The blue-chip CSI300 index in China was down 0.70%.
On China’s second exchange, the Shenzhen Composite Index dropped 3.22 points, or 0.19%, to 1,675.05. The Shanghai Composite Index shed 0.74%, or 22.62 points, to 3,021.98.
Chinese H-shares, which are Hong Kong-listed companies from the Chinese mainland, increased 1.85% to 5,939.12. The Hang Seng Index saw a 311.35-point increase, or 1.89%, to 16,823.04.
In previous trade, most of Asia extended Wall Street’s advances by following its lead elsewhere in the region. While buying activity was seen in Sydney, Mumbai, Singapore, Taipei, Manila, Jakarta, Seoul, and Wellington encountered difficulties. The Asia-Pacific equities MSCI broadest index outside of Japan increased by 0.97%.
- Published By Team Genuine Reporter