Asian Stock Market Showed Gains Following Wall Street’s Record Rally

Asian shares mostly increased after US stock hit new records, driven by a gain in technology companies that lifted the benchmarks higher.

Sophia Cruz•Tuesday, June 18, 2024•1 min read

In today’s trading session, Asian shares mostly increased after US stock hit new records, driven by a gain in technology companies that lifted the benchmarks higher.

Asian Stock Market Showed Gains Following Wall Street’s Record Rally

The Nikkei index 225 increased by 0.98% with the USD/JPY staying above the 157.5 mark. Investor sentiment regarding the Bank of Japan’s interest rate path influenced demand for the Yen, boosting Nikkei-listed stocks. Bank of Japan Governor Kazuo Ueda mentioned that a July rate hike would depend on the data.

Tokyo Electron Ltd. surged by 2.41.%, while Fast Retailing Co. Ltd. increased by 0.73%. Additionally, KDDI Group and Softbank Group Corp edged up by 0.02%, respectively. In contrast, Sony Group Corporation declined by 0.35%.

The Hong Kong and Mainland China markets had a positive Tuesday morning session. The Shanghai Composite an CSI 300 has increased by 0.05% and 0.15% respectively, while the Hang Seng index rose by 0.24%.

The real estate and tech sectors trended higher, driven by hopes for further stimulus support from Beijing. The Hang Seng Mainland Properties Index increased by 0.05% and the Hang Seng Tech Index gained 0.58%.

Alibaba and Tencent Holdings rose by 0.4% and 0.26%, respectively. However, Baidu declined by 1.88%, bucking the trend.

In South Korea, the Kospic climbed 0.7% to 2,763.92.

In Sydney, the S&P/ASX 200 surged 1% to 7,778.10 after the Reserve Bank of Australia held its key interest rate steady.

Capital Economics commented, “While the Bank noted in May that inflation had declined more slowly than expected, it now describes inflation as ‘persistent,’ highlighting that headline inflation and core inflation excluding volatile items and travel have not decreased further from April to December.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.