Asian stock markets closed higher on Tuesday, extending gains from Monday despite the absence of fresh cues from Wall Street, which was closed overnight for a holiday.
Expectations for more fiscal stimulus and optimism about swifter economic recovery following a drop in new coronavirus cases and the faster rollout of Covid-19 vaccines across the world lifted the markets.
Markets in China remained closed for the Lunar New Year holidays while in Hong Kong the markets opened on Tuesday after holidays. Hang Seng celebrated the opening with a bang and gained 573.09 points.
Japanese Nikkei climbed to 30 year highs early on. Nikkei ended 383.60 points higher at 30,467.75. Korean Kospi ended 0.52% higher. SGX Nifty was however 0.43% lower.
The Australian market extended gains from the previous session to end 0.7% higher. Market in New Zealand also ended 0.8% higher.
Markets in South East Asia were also lower with the exception of Malaysia which was 0.11% lower.
Earlier, Asian markets saw another strong start as the Financials are in demand as rise in yields bodes well for most US & Asian banks with lending rates expected to rise as credit demand increases.
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