Asian stocks climb

Business | 18 May 2021 8:55 am

Shares in Asia-Pacific climbed in Tuesday morning trade, as investors reacted to the release of Japan’s first quarter gross domestic data.

In Japan, the Nikkei 225 gained 0.89 percent in early trade while the Topix index advanced 0.66 percent.

Japan’s economy shrank at an annualized rate of 5.1 percent in January to March, government data showed Tuesday. On a seasonally adjusted basis, gross domestic product in January-March fell by 1.3 percent quarter-on-quarter, slightly lower than expectations in a Reuters poll for a 1.2 percent decline. That came as resurgent Covid infections in the country snapped two quarters of consecutive growth.

South Korea’s Kospi edged 0.55 percent higher. The S&P/ASX 200 in Australia won 0.32 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded around 0.1 percent higher.

 



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