Asian Shares Advances Led By Tech Stocks

Asian-Shares-Advances-Led-By-Tech-Stocks

On Thursday, Asian share market advanced, ending the long losing streak; thus, going in alignment with the US exchange market. The gainers were MSCI, Nikkei, Hong Kong, and Shanghai markets, while Indonesian index and NASDAQ and S&P futures are trading down.

Asian market encountered its longest down rally since February 2020, with investors suggested to be precautious about the rise as a bond, commodity, and currency markets are trading dull.

MSCI Asia Pacific index outside Japan and Japan’s Nikkei both advanced 0.5%. Hong Kong & Shanghai indices opened with an upper gap. NASDAQ 100 and S&P 500 futures for Asia both slipped 0.4%.
Jakarta Stock Exchange, Indonesia’s leading indices, fell about 5%, the broadest fall since a month after the nation is restarting social distancing lockdown due to resurging corona cases.

In the US, S&P 500 & Dow Jones surged 2% and 1.6% respectively, with stay-at-home giant firms, Alphabet & Facebook, gaining significantly. Further, the American EV maker Tesla regained 11% after witnessing its biggest fall in the history of 21%.

Besides, 10-year US government debt yield increased to 0.71% or two basis points overnight. Additionally, the weight on crude oil rates remains higher as the prices fall further due to dampening demand, making the commodity a frontrunner for sluggish global growth.

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