Asian stock markets are moving in a positive direction on Wednesday, following the upward closure of Wall Street indices with the technology sector still leading today.
The Japanese Nikkei 225 index rose 1% to 28,234.29 points after the data showed that the economy was shrinking less than originally announced in the first quarter.
The Japanese economy shrank at an annual rate of 0.5% in the first quarter, instead of the 1% initially announced, according to government data released today. Recent data show that consumer spending and demand have not been as weak as previously announced.
In Hong Kong, the Hang Seng Index jumped 1.9%, with the technology industry leading the way. The Hang Seng Tech Index gained 4%, with Tencent securing more than 5% and e-commerce giant Alibaba Group Holding gaining 8%. In mainland China, the Shanghai Composite recorded small gains of 0.2%.
South Korea’s Kospi gained 0.1%, while Australia’s S & P / ASX 200 rose 0.4%. The Reserve Bank of Australia raised interest rates by 50 basis points yesterday, the largest increase in 22 years, and warned that it would continue to tighten its policy to tackle inflation.
Source: Capital
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