The positive climate in the Asian stock markets is maintained

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Asian stock markets edged higher on Friday as corporate results kept the mood positive against geopolitical concerns over China’s military exercises around the island of Taiwan in the wake of a visit by US House Speaker Nancy Pelosi.

Japan’s defense ministry said Chinese missiles had landed in its exclusive economic zone, calling China’s military exercises a “serious problem”.

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In Taiwan, however, the Taiex index jumped 23%, with chipmaker TSMC gaining more than 3%.

Japan’s Nikkei 225 rose 0.9%, while the Topix gained 0.75%.

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In Hong Kong, the Hang Seng gained 0.4%. Alibaba shares in Hong Kong fell 1.5% after the e-commerce giant reported its latest quarterly results. The company’s revenue was unchanged from the same period last year, while first-quarter earnings beat estimates.

In mainland China, the Shanghai Composite is up 0.9%, while Shenzhen is up 1.3%.

South Korea’s Kospi rose 0.8%, while Australia’s S&P/ASX 200 gained 0.6% after the country’s central bank warned the economy was expected to slow.

In India the Nifty 50 gained 0.3% after the country’s central bank said it would raise interest rates by 50 basis points to 5.4%.

Source: Capital

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