Asian Market Mostly Showed Gains Following Global Trends
In today’s trading, the Asian market mostly advanced as investors evaluated business activity data from Hong Kong and trade figures from Australia, both of which fell short of expectations, while also drawing inspiration from a strong performance on Wall Street.
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In Japan, the Nikkei 225 increased by 0.8% to 40,913.65, driven by the buying of automaker shares and other export-oriented stocks, propelling the benchmark to a new all-time high. The Nikkei 225’s highest intraday level is 41,087.75, achieved on March 22. Its previous record closing was 40,888.43, also set on March 22.
The index surpassed its long-standing record of 38,915.87 more than 30 years ago in February.
The broader Topix index climbed 0.4% to 2,884, with the Topix approaching record-high levels last reached in December 1989.
Investors have been flocking to the Japanese market partly due to the low value of the yen, which is trading a 34-year lows against the dollar. A weak yen tends to boost the profits of exporters when repatriated to Japan.
Meanwhile, the index reversed losses from the previous session as investors processed recent business activity in China and awaited upcoming inflation data due next week.
Traders remained hopeful that China would increase fiscal spending in the second half of 2024, while economists anticipated that the Third Plenum this month would introduce additional policy measures to stimulate economic revival.
Hong Kong’s Hang Seng rebounded from early losses, climbing 0.3% to 18,028.28 while the Shanghai Composite index fell 0.8% to 2,957.57
Taiwan’s Taiex surged 1.5% as a chipmaker and market heavyweight Taiwan Semiconductor Manufacturing Corp. rose by 2.7%.
In Australia, the S&P/ASX 200 climbed 1.2% to 7,831.80, while the Kospi in Seoul increased by 1.1% to 2,824.94.
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