The Southeast Asian stock markets finished the session with the majority of increases.
The most significant increase was registered in Indonesia. The IDX composite settled with a raise of 1.53%. Meanwhile, Singapore and Thailand ended with losses. The Singapore stock market dropped by 0.28% or 8.67 points. Meanwhile, the Straits Times composite indicator stood at 3,109.20 units.
The Kuala Lumpur stock exchange increased by 0.11% or 1.78 points. The selective KLCI closed at 1,574.02 units.
The Bangkok stock in Thailand sank by 0.12% or 1.90 points, and the SET index settled at 1,599.23 units.
The Manila Stock Exchange advanced by 0.63%, or 43.24 integers, and the PSEi composite index closed at 6,870.41 points.
In Vietnam, the VN Index of the Ho Chi Minh stock ended with 1,379.97 units after climbing by 7.34 integers or 0.53%.
Japan’s Nikkei 225 expanded by 3.1% in the afternoon to 28,883.46.
The Australian S&P/ASX 200 gained 1.5% to 7,342.20. South Korean Kospi increased by 0.8% to 3,265.00.
Meanwhile, Hong Kong’s Hang Seng yielded 0.2% to 28,419.58, and Shanghai Composite added 0.5% to 3,547.10.
Shares have also increased in India and Taiwan.
Global Stocks reflected Wall Street’s rally
After significant declines on Monday, Asian shares tracked Wall Street’s recovery.
Last week, the Federal Reserve of the United States warned that it was prepared to increase rates earlier than expected. The market’s immediate reaction to the Fed’s statement was to send stocks lower and interest rates higher.
However, Wall Street started adapting the possibility of interest rate hikes and erased most of the previous losses. The Dow Jones advanced by 1.76% or 586.89 points, to 33,876.97. At the same time, the selective S&P 500 increased by 1.40% or 58.33 points, to 4,334.78.
Meanwhile, the Nasdaq composite index expanded by 0.79% or 111.10 points, to 14,141.48.
All sectors settled in green. Energy companies registered the most robust rise by 4.29%. Meanwhile, the financial sector added 2.35%, the industrial sector climbed by 2.18%, and basic materials posted a gain of 2.07%.
Asian market still suffers from Covid-19
Despite the rebound in the stock markets, renewed Covid-19 outbreaks are clouding the outlook in the region. These new waves are the most severe in India, Indonesia, and some other Southeast Asian countries.
Even though India reported the lowest number of new coronavirus cases in 91 days, the fatalities are still high. On Tuesday, the country reported 42,640 new cases and 1,167 deaths. The death toll in the country touched 3,89,302.