Asian markets close higher tracking new highs from global cues

Hong Kong’s Hang Seng was trading flat, after breaching 30,000 level earlier on Thursday.

Jan 21, 2021 01:01 IST India Infoline News Service

Asian markets closed higher on Thursday, tracking bullish US markets as investors hoped for more economic stimulus from newly sworn-in US President Joe Biden to reduce damage wreaked by the Covid-19 pandemic.

Biden, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.

Chinese mainland markets were the most beneficiaries despite the political tensions of their country with US. Shanghai Composite ended 1.07% higher at 3,621.26 and Shenzhen gained 1.95% to close at 15,520.6. Hong Kong’s Hang Seng was however, trading flat, after breaching 30,000 level earlier on Thursday.

Japan’s Nikkei 225 ended 0.82% higher while South Korean Kospi gained 1.49%. Australian shares climbed 0.79% and New Zealand also ended 0.69% higher. Markets in the South East Asia with exception of Malaysia and Jakarta were also in the green. SGX Nifty was 0.75% higher.

The record rises in Asia followed fresh record highs on Wall Street overnight. US markets welcomed Biden with new highs on all indices as Dow Jones jumped 250 points while Nasdaq saw best 3-day rally with over 5% gains this week till now.

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