Asian stock markets closed positively today, mirroring the direction set by US stocks, with investors closely monitoring the upcoming Federal Reserve (Fed) meeting for insights into the central bank’s interest rate outlook.
Hong Kong’s Hang Seng index extended its winning streak for the seventh consecutive trading session, closing at 17,763.03 points, up 16.12 points or +0.09%. The positive sentiment followed the lead of the Dow Jones Index on the New York Stock Exchange, which ended higher yesterday (April 29).
In South Korea, the Composite Index (KOSPI) continued its upward trajectory for the third consecutive day, finishing at 2,692.06 points, up 4.62 points or +0.17%. The index was buoyed by robust performances from leading companies like Samsung Electronics, and it also drew support from the positive close of the US stock market. However, the South Korean won weakened against the US dollar.
Tokyo’s Nikkei index closed positively at 38,405.66 points, marking an increase of 470.90 points or +1.24%. The index surged more than 600 points within a short period, tracking the gains in the US stock market from the previous night. Additionally, the depreciation of the yen against the US dollar provided further support.
On the other hand, China’s Shanghai Composite index closed in the negative territory at 3,104.82 points, down 8.22 points or -0.26%. The decline was attributed to many investors postponing investments ahead of the upcoming long Labor Day holiday in China.
In Australia, both the S&P/ASX 200 and the All Ordinaries Index ended on a positive note. The S&P/ASX 200 closed at 7,664.10 points, up 26.70 points or +0.35%, while the All Ordinaries Index closed at 7,932.00 points, up 25.40 points or +0.32%. Mining stocks led the gains. Investors in Australia are also eagerly awaiting the outcomes of this week’s Federal Reserve meeting for clearer signals regarding the central bank’s interest rate trajectory.