Regional markets advance

Business | 9 Aug 2019 12:37 pm

Asian shares gained today as investors bought back stocks following gains on Wall Street, although worries about a trade dispute between the U.S. and China remained.

In Tokyo, stocks advanced. The 225-issue Nikkei Stock Average gained by 152.40 points, or 0.74 percent to sit at 20,745.75. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 7.62 points, or 0.51 percent, at 1,506.28.

Australia’s S&P/ASX 200 gained by 0.23 percent, or 15.20 points at  6,583.30.

Seoul stocks continued to trade higher late morning.  The benchmark Korea Composite Stock Price Index (KOSPI) added 24.31 points, or 1.27 percent, to 1,944.92 as of 11:20 a.m. local time.

Market kingpin Samsung Electronics moved up by 1.41 percent, and No 2 chipmaker SK hynix added 1.52 percent. LG Display advanced 0.77 percent.

Technology companies powered stocks broadly higher on Wall Street Thursday, driving the S&P 500 to its best day in more than two months and erasing its losses for the week.

The rally, which pushed the Dow Jones Industrial Average up by more than 370 points, followed an early rise in bonds yields after a weekly government report on unemployment claims came in better than economists had expected.

The S&P 500 index gained by 54.11 points, or 1.9 percent, to 2,938.09. The Dow Jones Industrial Average climbed by 371.12 points, or 1.4 percent, to 26,378.19. The Nasdaq composite, which is heavily weighted with technology stocks, vaulted 176.33 points, or 2.2 percent, to 8,039.16. It also had its best day in more than two months and was on track to end the week with a gain.

The Russell 2000 index picked up 31.45 points, or 2.1 percent, to 1,532.13.-AP/The Standard 

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