(RTTNews) - Major stock markets in Asia surged on Wednesday, tracking the strong gains on Wall Street, attributed to AI-momentum and U.S.-Iran peace deal hopes. Equity markets in Japan were closed for a holiday.
Amidst improving geopolitical situation in the Middle East as well as a strong momentum in technology shares, China's Shanghai Composite Index jumped 1.2 percent from the previous close of 4,112.16 to finish trading at 4,160.17. The day's trading ranged between 4,129.91 and 4,166.15 as investors returned from an extended holiday break. The index has gained more than 25 percent over the course of the past year.
The Hang Seng Index of the Hong Kong Stock Exchange shot up 1.2 percent from the previous close to finish trading at 26,213.78. The day's trading range was between a high of 26,213.78 and a low of 25,877.82. The index has added almost 15.7 percent over the course of the past year.
The Korean Stock Exchange's Kospi Index soared 6.45 percent from the previous close of 6,936.99 to close trading at a record high of 7,384.56. The day's trading range was between 7,093.01 and 7,426.60.
Boosted by the global tech rally, the index has recorded a good show, with gains of more than 188 percent over the course of the past year.
With Wednesday's jump of more than 14 percent, Samsung Electronics Co Ltd (005930) witnessed its market cap rising above $1 trillion, lifting it to the 11th most valuable company globally.
Australia's S&P/ASX 200 Index closed trading at 8,793.60, gaining 1.3 percent from the previous close of 8,680.50. The day's trading ranged between 8,680.50 and 8,794.70.
Easing geopolitical tensions, gains on Wall Street as well as strong economic data from top trading partner China supported the rally.
Infratil jumped close to 15 percent amidst its unit CDC Data Centres signing a 555-megawatt data centre contract with a U.S. customer. Infratil holds a 49.7 percent shareholding in the ultimate parent company of CDC. IGO followed with gains of 1.6 percent.
Magellan Financial Group led losses with a decline of 8.9 percent followed by JB Hi-Fi that erased 6.3 percent.
The NZX 50 Index of the New Zealand Stock Exchange advanced 0.8 percent to close trading at 13,145.19. The day's trading ranged between 13,035.70 and 13,208.74 amidst data that showed a drop in unemployment levels. With the day's gains, the benchmark index has gained 5.8 percent over the course of the past year.
Infratil topped gains with a surge of 13.2 percent after its unit secured a large data centre contract. Westpac Banking Corp followed with gains of 4.4 percent. Synlait Milk led losses with a decline of 4.6 percent, followed by Property for Industry that shed 2.9 percent.
Wall Street closed on an emphatically positive note on Tuesday amidst a de-escalation in tensions in the Middle East and strong corporate results. The tech-heavy Nasdaq Composite surged 1.0 percent to close trading at 25,326.13. The S&P 500 advanced 0.8 percent to finish trading at a record high of 7,259.22. The Dow Jones Industrial Average also added 0.7 percent to finish trading at 49,298.25.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
