Asian Stocks Extend Gains

(RTTNews) - Asian markets extended gains on Tuesday in the backdrop of renewed optimism around AI-related shares that fueled a rally on Wall Street. Expectations of further monetary easing by the Federal Reserve also supported sentiment.

China's Shanghai Composite Index gained 3 points or 0.07 percent to finish trading at 3,919.98, versus the previous close of 3,917.36. The day's trading ranged between 3,910.74 and 3,937.13.

The Japanese benchmark Nikkei 225 gained 29 points or 0.06 percent to close trading at 50,431.00. The day's trading range was between 50,264 and 50,572.

Mercari, Rakuten, Shionogi, all gained more than 3 percent. Mazda Motor, Subaru Corp, JTEKT Corp, Fanuc Corp, Sumitomo Electric Industries, all declined more than 2 percent.

Korean Stock Exchange's Kospi Index increased 11 points or 0.28 percent to close trading at 4,117.32. The day's trading range was between 4,110.25 and 4,140.84.

The Hang Seng Index of the Hong Kong Stock Exchange slipped 28 points or 0.11 percent from the previous close to finish trading at 25,774.14. The day's trading range was between a high of 25,927.66 and a low of 25,726.45.

Australia's S&P/ASX200 closed trading at 8,795.70, gaining 96 points or 1.1 percent from the previous close of 8,699.90. The day's trading range was between 8,699.90 and 8,805.50.

Aerospace business DroneShield topped gains with a surge of 9 percent followed by Goodman Group that rallied 8.2 percent. Austal also gained more than 6 percent. Eagers Automotive topped losses with a decline of 2.7 percent. EVT, Capricorn Metals, Perseus Mining, Megaport, all shed more than 1 percent in the day's trading.

The NZX 50 of the New Zealand Stock Exchange added 9 points or 0.07 percent to close trading at 13,517.73, versus the previous close of 13,508.30. The day's trading ranged between 13,488.28 and 13,549.20.

Synlait Milk topped gains with a surge of 6.5 percent. KMD Brands as well as Tourism Holdings rallied more than 3.5 percent.

Fletcher Building topped losses with a decline of almost 4 percent. Skycity Entertainment, Fonterra Shareholders Fund as well as Contact Energy declined more than 2 percent.

Wall Street had closed on a positive note on Monday amidst strong performance by technology stocks. Reports of Nvidia's plans to begin shipping H200 AI chips to China by mid-February boosted sentiment. The Dow Jones Industrial Average added 0.47 percent to finish trading at 48,362.68. The tech-heavy Nasdaq Composite gained 0.52 percent to close trading at 23,428.83.