All the Asian equity benchmarks were trading higher in early deals on Thursday, as the market sentiments kindled by FOMC ‘s decision to keep its interest rate unchanged at 0.25% as it handed down its decision on Wednesday. Fed Chairman Jerome Powell also reiterated that the the Central Bank would not trim asset purchases, currently at a monthly level of $120 billion, anytime soon. While, US President in his address focused on new spending and tax-credit package, which together with an earlier infrastructure and jobs plan will cost the country around $4 trillion. The participants are also closely watching the first quarter US GDP numbers which is ought to be releasing by Friday, for more cues on the US economic recovery from pandemics. The stock markets of Japan and Malaysia are closed for a holiday. China’s Shanghai is advancing in the session, extending the winning streak to the third straight session as the investors embraced upbeat earnings for Q1 from many heavyweight companies in the sector, while some mutual funds’ high allocations to the banking sector also supported the upward trend. Among the Asian markets, Singapore, Hong Kong, South Korea, Taiwan, Indonesia, and China are in positive territory.
Straits Times increased 3.39 points or 0.11% to 3,222.95, Hang Seng rose by 180.06 points or 0.62% to 29,251.40, Taiwan Weighted widened 1.17 points or 0.01% to 17,568.70, KOSPI Index lifted by 4.36 points or 0.14% to 3,185.83, Jakarta Composite buoyed by 34.84 points or 0.58% to 6,009.32, and Shanghai Composite enlarged by 6.03 points or 0.17% to 3,463.10 .