Tech Boost Lifts Asian Benchmarks

(RTTNews) - Major stock markets in Asia extended gains on Tuesday as a strong rally in tech shares fueled by optimism over Artificial Intelligence continued to bolster sentiment. However, benchmarks in China viz, Shanghai Composite and the Shenzhen Component Index as well as NZX 50 of the New Zealand Stock Exchange closed in the red.

China's Shanghai Composite Index shed 0.64 percent from the previous close of 4,165.29 to finish trading at 4,138.76. Stocks lacked direction amidst profit booking and the day's trading ranged between 4,126.23 and 4,179.70. The Shenzhen Component Index closed at 14,169.40, losing 198 points or 1.38 percent from the previous close of 14,366.91.

The Japanese benchmark Nikkei 225 jumped 1627 points or 3.1 percent to close trading at 53,567.00 amidst a strong tech-led rally. Reports of likely snap elections to further boost the government's parliamentary majority added to the positive sentiment. The day's trading range was between 53,472.50 and 53,997. Meanwhile, amidst political uncertainty, Japan's 10-year government bond yields touched a 27- year high.

Pacific Metals led gains with a surge of more than 10 percent. Lasertec Corp, Advantest Corp, Kawasaki Heavy Industries, Tokyo Electron, all rallied more than 8 percent in the day's trading.

Nitori Holdings Co led losses with a decline of 4.7 percent. Seven & I Holdings lost 3.2 percent. Sumitomo Dainippon Pharma, Nintendo, Yaskawa Electric Corp, all declined more than 2 percent.

The Hang Seng Index of the Hong Kong Stock Exchange jumped 240 points or 0.90 percent from the previous close to finish trading at 26,848.47. The day's trading range was between a high of 27,143.66 and a low of 26,729.54. Sentiment was boosted by optimism over earnings as well as prospects of regional growth.

Korean Stock Exchange's Kospi Index gained 68 points or 1.5 percent from the previous close of 4,624.79 to close trading at 4,692.64. The day's trading range was between 4,641.58 and 4,693.07.

Australia's S&P/ASX200 closed trading at 8,808.50, gaining 49 points or 0.56 percent from the previous close of 8,759.40. The day's trading ranged between 8,759.40 and 8,855.70. Imdex, Austal, both surged more than 6.7 percent. Iluka Resources added 6.2 percent. Ora Banda Mining as well as Greatland Resources followed with gains of more than 5 percent.

Gog Partners led losses with a decline of 8.6 percent. Zip Co as well as Catapult Sports lost more than 7 percent. Viva Energy Group declined 5.8 percent whereas Ampol lost 4.8 percent.

The NZX 50 of the New Zealand Stock Exchange edged down 27 points or 0.20 percent to close trading at 13,656.05. The day's trading ranged between 13,627.29 and 13,705.99. Synlait Milk topped gains with a surge of 3.2 percent. Port Tauranga as well as Heartland Group followed with gains of more than 2.5 percent. Sky Network Television as well as ANZ Holdings rallied more than 1 percent.

Sanford led losses with a decline of 3.7 percent, followed by Vector that shed 3.4 percent. EBOS, Auckland Airport, Vista, all recorded losses of more than 2 percent in the day's trading.

Wall Street had closed on a mildly positive note on Monday amidst expectations of a mild CPI report and optimism over the onset of earnings season. The Dow Jones Industrial Average added 0.17 percent to finish trading at 49,590.20. The tech-heavy Nasdaq Composite gained 0.26 percent to close trading at 23,733.90.