Asian stock markets closed higher today as investors took cues from the positive performance of US technology stocks in the previous trading session. Tokyo’s Nikkei led the gains, closing at 30,916.31 points, up 115.18 points or 0.37%. The rise was driven by a surge in technology stocks, mirroring the upward movement of their counterparts in the US market. Additionally, Japan’s exports received a boost from the depreciation of the yen, reaching a six-month low in the range of 140 yen against the dollar.
In Australia, both the S&P/ASX 200 and All Ordinaries indices finished in positive territory. The S&P/ASX 200 closed at 7,154.80 points, up 16.60 points or 0.23%, while the All Ordinaries closed at 7,334.90 points, up 18.20 points or 0.25%. Investors turned to buying stocks after two consecutive days of market decline, with a keen eye on the progress of US debt ceiling negotiations.
South Korea’s composite index, the KOSPI, also ended on a positive note at 2,558.81 points, up 4.12 points or 0.16%. The rise was primarily driven by a sharp increase in shares of the chip giant, instilling hope for a market recovery. However, concerns about the US debt ceiling deal still lingered. Meanwhile, the South Korean won strengthened against the US dollar, adding to the positive sentiment.
China’s Shanghai Composite experienced a rebound, closing at 3,212.50 points, up 11.24 points or 0.35%. The market saw increased buying pressure after several consecutive days of decline, which were attributed to ongoing disputes between China and the United States.
It is worth noting that the Hong Kong stock market remained closed today (May 26) due to the observance of Visakha Bucha Day, a Buddhist holiday.