Most of the Asian equity benchmarks traded higher in early deals on Monday, marking third straight sessional gain. Asian stocks got kindled by the risk appetite in the market followed by the data showcased that the global economic rebound from the coronavirus pandemic was well on track. Early April manufacturing activity indicators released last week indicated a robust start to the second-quarter with data hitting record highs in the United States and signalling an end to Europe's double dip recession. Banking and technological shares gaining most in the session. While, oil stocks and gold miners are in lower note. Japan’ Nikkei is advancing after the index clocked second straight weekly gain on Friday. Shanghai is also higher with the blue-chip CSI 300 index up 0.4 per cent to its highest since April 6. The Chinese index is trading near three-week highs. Though, some gains in the Asian stocks were capped with the still lingering concerns over surging covid-19 cases and the related third state of emergency imposed in Tokyo and the three western Japan prefectures of Osaka, Kyoto and Hyogo since Friday. Investors also eyed on the much awaited release of US GDP data and Federal Reserve policy meeting to be held this week. Among the Asian markets, Japan, Singapore, Hong Kong, South Korea, Taiwan, China and Malaysia are in positive territory. Bucking the trend, Indonesia is trading lower.
Nikkei 225 up by 131.89 points or 0.45% to 29,152.52, Straits Times increased 2.47 points or 0.08% to 3,196.51, Hang Seng rose by 23.35 points or 0.08% to 29,102.10, KOSPI Index enlarged by 20.14 points or 0.63% to 3,206.24, Taiwan Weighted widened 247.12 points or 1.43% 17,547.39, Shanghai Composite lifted by 6.51 points or 0.19% to 3,480.68 and FTSE Bursa Malaysia KLCI higher by 7.56 points 0.47% to 1,615.99.
On the flip side, Jakarta Composite decreased by 36.16 points or 0.60% to 5,980.70.