Most of the Asian equity benchmarks traded higher in early deals on Tuesday, rebounded with the raised risk appetite in the market followed by the technical buying after stocks retreated on concerns over surging covid cases and restrictive measures in the region to contain further spread. Market participants also awaited for more cues on the stimulus tapering and the outlook for the global economy ahead to the much awaited US Federal Reserve's monetary policy announcement on Wednesday. Oil stocks are trading higher though crude oil rates trimmed overnight. Japan’s Nikkei extended its gains from previous session with the benchmark index just below the 28,000 mark, in tandem with the positive trend in Wall Street overseas. Nikkei gained with higher exports supported by a weaker yen. Among the Asian stocks, Japan, Singapore, South Korea, China and Malaysia are in in positive territory. Bucking the trend. Hong Kong, Taiwan, and Indonesia are trading lower.
Nikkei 225 up by 161.86 points or 0.58% to 27,995.15, Straits Times rose by 15.73 points or 0.50% to 3,154.70, KOSPI lifted by 23.34 points or 0.72% to 3,248.29, Shanghai Composite buoyed by 4.96 points or 0.14% to 3,472.40, and FTSE Bursa Malaysia KLCI widened $2.97 points or 0.20% to 1,515.50
On the flip side, Hang Seng slipped by 269.49 points or 1.03% to 25,922.83, Taiwan Weighted lower by 120.12 points or 0.69% to 17,283.44, Jakarta Composite narrowed by 0.40 points 0.01% to 6,105.99.