Asian stock markets showed positive momentum as they closed higher, with investors closely monitoring developments in the US Congress regarding the vote to increase the country’s debt ceiling. Tokyo’s Nikkei extended its winning streak for the fourth consecutive day, reaching a 33-year high at 31,328.16, up 94.62 points or 0.30%. The market was supported by a weak yen and optimistic sentiments surrounding Japanese stocks.
In Australia, however, the S&P/ASX 200 experienced a slight decline, closing at 7,209.30, down 8.10 points or 0.11%. The All Ordinaries also ended lower at 7,387.30, down 7.80 points or 0.11%, amidst volatile trading conditions. Energy stocks faced selling pressure, while investors closely monitored the proceedings in the US Congress, where a vote on the deal to raise the debt ceiling was scheduled for Wednesday.
China’s Shanghai Composite index edged slightly higher, closing at 3,224.21, up 2.76 points or 0.086%. Investors in China kept a watchful eye on the upcoming manufacturing data release, scheduled for the following day.
In Hong Kong, the Hang Seng index closed in positive territory at 18,595.78, up 44.67 points or 0.24%. This marked a reversal from four consecutive trading sessions of negative performance. Investors remained attentive to the progress of the bill aiming to increase the debt ceiling of the US government. The crucial vote was scheduled to take place on Wednesday, May 31.
South Korea’s KOSPI index ended on a positive note at 2,585.52 points, up 26.71 points or 1.04%. Investors reacted positively to the advancements made in negotiations to raise the US debt ceiling.
The overall market performance reflected the ongoing importance of the US debt ceiling vote in Congress, as it held implications for global financial markets. Investors across Asia remained vigilant, closely monitoring the outcome of the vote and its potential impact on the economic landscape.