Asian equity benchmarks traded mixed in early deals on Monday, as the market participants side lined ahead to the Federal Reserve’s policy meeting this week and on spiking covid-19 infections. However, the market got a lift after the G7 summit ended affirming economic support wit investments until pandemic subsidies. Financial sector stocks are major gainers in the session, while technological stocks were mostly mixed. Japan’s Nikkei is advancing with the benchmark just above the 29,400 level, kindled by the optimistic stance of the Bank of Japan to extend its pandemic-relief programs to stem the fragile economic recovery. Japanese government had lifted the COVID-19 state of emergency in Olympics city Tokyo and downgraded it to quasi-emergency state in three prefectures as infections steadily decline and the strain on hospitals eased. Among the Asian markets, Japan, Singapore, South Korea, and Taiwan are in positive trend. Bucking the trend, Hong Kong, Indonesia, China and Malaysia are trading lower.
Nikkei 225 up by 281.93 points or 0.97% to 29,443.73, Straits Times rose 24.21 points or 0.77% to 3,177.35, KOSPI lifted 5.18 points or 0.16% to 3,257.31, Taiwan Weighted higher by 141.50 points or 0.82 to 17,355.02,
On the flip side, Hang Seng down by 219.38 points or 0.76% to 28,622.75, Jakarta Composite slipped by 6.71 points or 0.11% to 6,073.67, Shanghai Composite curtailed by 32.42 points or 0.90% to 3,557.33 and FTSE Bursa Malaysia KLCI trimmed by 0.38 points 0.02% to 1,582.08.