Asian Markets Rise Amidst Tech Gains, Dip In Crude Oil Prices

(RTTNews) - Major stock markets across Asia traded on a positive note amidst a decline in crude oil prices as well as a surge in tech stocks. Gains were limited by anxiety ahead of the release of the PCE-based inflation readings from the U.S. as well as Fed Chair's speech at the Jackson Hole symposium later in the week.

China's Shanghai Composite Index added 23 points or 0.59 percent from the previous close of 3,889.44 to finish trading at 3,912.52. The day's trading ranged between 3,881.74 and 3,926.44. The index has gained 1.1 percent over the course of the past year.

The Japanese benchmark Nikkei 225 gained 402 points or 0.61 percent to close trading at 66,258.00. The day's trading ranged between 65,381.50 and 66,509.00. Easing bond yields and declining crude oil prices supported sentiment.

Mitsubishi Materials Corp jumped almost 6 percent followed by Tokyo Electric Power Company that gained 4 percent. SUMCO Corp dropped 3.9 percent followed by Kawasaki Kisen Kaisha that lost 3.36 percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 142 points or 0.56 percent from the previous close to finish trading at 25,652.97. The day's trading range was between a high of 25,800.22 and a low of 25,615.94. The index has gained half percent over the past year.

Korean Stock Exchange's Kospi Index rallied 65 points or 0.97 percent from the previous close of 6,742.74 to close trading at 6,808.21. The day's trading range was between 6,704.10 and 6,887.18. Nevertheless, the index is holding on to gains of more than 114 percent over the course of the past year.

Australia's S&P/ASX200 closed trading at 9,127.80, losing 37 points or 0.40 percent from the previous close of 9,164.60. The day's trading ranged between 9,127.80 and 9,220.60 while markets assessed the likelihood of another rate hike by the Reserve Bank of Australia in the wake of higher-than-expected inflation readings.

Lovisa Holdings led gains with a surge of 12.7 percent following full year results presentation. Pantoro Gold as well as Perseus Mining followed with gains of more than 9 percent. Droneshield plunged more than 11 percent. Worley, Neuren Pharmaceuticals, Wisetech Global, all lost more than 10 percent.

The NZX 50 of the New Zealand Stock Exchange added 20 points or 0.15 percent to close trading at 14,013.21 amidst gains in minerals and tech sectors. The day's trading ranged between 13,969.60 and 14,069.22. The benchmark index has gained more than 8 percent over the course of the past year.

Pacific Edge jumped 6.3 percent followed by Scales Corporation that rallied 5.4 percent. Serko led losses with a decline of 4.5 percent. Air New Zealand also dropped 3.7 percent.

Wall Street had closed on a mildly positive note on Tuesday, helped by a rebound in technology stocks and the relief provided by declining crude oil prices. The Dow Jones Industrial Average added 0.30 percent to finish trading at 53,577.40. The S&P 500 gained 0.32 percent to finish trading at 7,677.28. The tech-heavy Nasdaq Composite rallied 0.66 percent to close trading at 26,151.30.