APAC markets rally on Wall Street cues, ASX200 rises 1.16%

1 min read | May 28, 2021 03:33 PM AEST | By Furquan Moharkan

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APAC markets rally on Wall Street cues, ASX200 rises 1.16% — Image source: Representative Image. © Thomaspajot | Megapixl.com

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Summary

Asian markets rally, following cues from Wall Street.

Japan leads the rally with 2.11%.

Australia is the third best performer in the region.

The equity markets in the Asia-Pacific (APAC) rallied on Friday morning on the back of stronger-than-expected labour market numbers announced by the US.

Japan led the rally as the Nikkei 225 jumped 2.11%.

Mainland Chinese markets also traded in the green as the Shanghai Composite Index was marginally up by two basis points (bps), while the Shenzhen Component rose 32 bps.

In the Chinese Autonomous Region of Hong Kong, the Hang Seng Index rose 67 bps. In Hong Kong, JD Logistics made a stellar market debut – opening about 12% higher than the issue price before extending gains.

In Taipei, Taiwan Weighted Index was up 1.44%, while South Korea’s KOPSI was 77 .

In Australia, the ASX200 rose by 1.16%. However, the neighbouring New Zealand markets continued to be in the red – with Dow Jones New Zealand dropping by 9 bps.

MSCI’s broadest index of Asia-Pacific shares outside Japan was also up 45 bps.

The rally follows the gains made in Wall Street overnight. The jobless claims fell to 406,000 – lower than the expected tally of 425,000.

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