APAC markets trading in green; Taiwan bounces back

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APAC markets trading in green; Taiwan bounces back

 APAC markets trading in green; Taiwan bounces back
Image source: Representative Image. © Thomaspajot | Megapixl.com

Summary

  • Shares across APAC traded in green, with China witnessing a mixed bag performance.
  • Taiwan led the pack with surge of almost 5%.
  • Australia stocks have surged on the hopes of delayed rate hike.

The equity markets in the Asia-Pacific (APAC) region were mostly trading in green on Tuesday as Taiwan led the pack with a sharp rebound.

The Taiwan Weighted Index surged 4.90% on Tuesday, after a nearly 3% drop on Monday amid rising concerns over domestic coronavirus infections.

Despite its economy shrinking at a rate slightly faster than the market expectations, Japan’s Nikkei225 closed with gains of 2.24%. The land of the rising sun reported 1.3% dip in the March quarter GDP on a sequential basis – 10 basis points (bps) more than market expectations.

In Chinese Autonomous region of Hong Kong, the Hang Seng index rose 1.44%. However, in Mainland China it was a mixed bag: the Shanghai Composite was trading higher by 17 bps, while the Shenzhen Component dipped 32 bps and FTSE China A50 dipped by 27 bps.

India’s BSE Sensex was trading up by 1.27%, after the COVID-19 cases in the country continued to drop for the fifth consecutive day.

In South Korea, KOPSI traded higher with gains of 1.18%.

In Australia, the ASX200 surged by 73 bps after the minutes of Reserve Bank of Australia’s May monetary policy review hinted at no rate hike till 2024.

Morgan Stanley Capital International’s Asia-Pacific Index excluding Japan was 10 bps.

However, despite this rally, investors would be keenly watching out for the spread of COVID-19, as the World Health Organisation overnight warned that the pandemic is “far from over”.

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