Asian Stock Markets Become Bullish After Global Markets Fall On Tech Sell-Off

On Wednesday, March 6, most Asian stock markets witnessed gains with Hang Seng leading the gains following the recent fall of the global market.

Hong Kong’s Hang Seng index increased by over 2% earlier in the trading session and added 1.7% at the close after going down by over 2% on Monday. Hang Seng closed at 16,438.09. Mainland Chinese stocks (CSI 300), on the other hand, went down by 0.41% closing at 3,551.05

The Taiwan-weighted index recently surpassed its record high from the previous trading session, surging by 0.58% closing at 19,499.45, with shares of Taiwan Semiconductor Manufacturing Company trading close to the flatline. 

Samsung Electronics’ share went down by 1.09% while South Korea’s Kospi also went down by 0.3% closing at 2,641.49. Kosdaq was up by 0.5% closing at 870.67

China’s CSI 300 index reached over three-month highs on Tuesday following the 2024 Economic growth target announcement during its “Two sessions” meeting. 

Japan’s Nikkei 225 slightly slipped by 0.02% closing at 40,090.78. This is the third day that Nikkei 225 stayed beyond the 40,000 mark, while the broad-based Topix went up by 0.39% closing at 2,730.67

Meanwhile, in Australia, the S&P/ASX 200 witnessed significant gains, closing at 7,730.9 despite the economy outperforming expectations in the fourth quarter with a 1.15% yearly increase in GDP compared to a poll estimate of 1.4% from Reuters.