Most of the Asian equity benchmarks traded higher in early deals on Friday, as the risk appetite in the market hiked with the upbeat weekly labor market data and the ongoing surge in commodity prices. However, increased tensions with China and continuing spike in covid cases in the region and the possibility of lockdowns in several areas capped some gains. Technological sector and banking shares were mostly mixed in the session, while miners traded higher with the robust gold rates overnight and oil stocks in easing mode as the crude oil rates trimmed overnight. Japan’s Nikkei rebounded from early losses cheered up by the positive Wall Street overnight. Although, gains remained limited as the situation in the country has not improved enough to lift the state of emergency as plans are afloat to expand and extend the ongoing pandemic-related state of emergency. Among the Asian markets, Japan, Singapore, Hong Kong, Taiwan, South Korea, China and Malaysia are trading higher. Bucking the trend, Indonesia is in negative note.
Nikkei 225 up by 32.26 points or 0.11% to 29,363.63, Straits Times rose 21.63 points or 0.68% to 3,194.63, Hang Seng jumped by 149.65 points or 0.52% to 28,787.11,Taiwan Weighted hiked 220.43 points or 1.30% to 17,214.79, KOSPI widened 23.53 points or 0.74% to 3,202.27 Shanghai Composite widened by 14.51 points or 0.42% to 3,455.79 and FTSE Bursa Malaysia KLCI buoyed by 1.31 points 0.08% to 1,579.64.
Bucking the trend, Jakarta Composite decreased by 24.31 points or 0.41% to 5,945.93.