Asian shares closed mostly higher on Wednesday although stocks in China and Hong Kong were lower. The advance followed a broad rally on Wall Street, with solid contributions from Big Tech companies, banks and other sectors.
Japanese Nikkei 225 closed with over 204 points gains after clocking gains of over 250 points in early trade. South Korean Kospi ended 1.06% higher. SGX Nifty was over 1% higher. Markets in Australia, New Zealand and South East Asia also closed higher
China shares ended lower on Wednesday, as profit-taking in tech stocks with high valuations outweighed gains in automakers on expectations of strong sales growth this year. Shanghai Composite shunned 0.46% and Shenzhen ended 0.67% lower.
Hong Kong’s Hang Seng was also trading 115 points lower. Hong Kong stocks declined, snapping a powerful two-day rally, as concerns about Alibaba Group Holding and WuXi Biologics weighed on the benchmark stock index.
Overnight, US markets saw another big gains day with Dow Jones closing higher by 475 points while Nasdaq ending higher by over 1.5%. Bond yields rose to over 1.12%, the highest in over 10 months while oil sees smart rally. Game Stop saw huge sell off with shorts covering positions as markets ground back to reality.
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