Positive Close For Asian Markets

(RTTNews) - Asian stock markets closed on a mostly positive note on Wednesday as the likelihood of a Fed rate hike diminished significantly. Easing bond yields as well as momentum among tech stocks also bolstered sentiment.

However, lingering anxiety ahead of updates to inflation and labor market due from the U.S. on Wednesday morning limited gains.

China's Shanghai Composite Index rose 0.3 percent from the previous close of 3,830.45 to finish trading at 3,842.19. The day's trading ranged between $3,833.09 and $3,851.22. At current levels, the index has lost more than 1 percent over the course of the past year.

The Japanese benchmark Nikkei 225 225 Index jumped 1.9 percent to close trading at 66,753.72. The day's trading ranged between 66,946.14 and 66,014.48 amidst a rebound led by tech stocks.

SUMCO Corp surged 9.1 percent followed by Resonac Holdings that added 7.7 percent. Murata Mfg Co slipped 2.94 percent. Nichirei Corp also lost 1.3 percent.

The Hang Seng Index of the Hong Kong Stock Exchange climbed 0.4 percent from the previous close to finish trading at 24,613.27. The day's trading range was between a high of 24,637.65 and a low of 24,332.64. The index has however lost close to 8.5 percent over the past year.

Korean Stock Exchange's Kospi Index fell 0.5 percent from the previous close of 6,870.81 to close trading at 6,838.04. The day's trading range was between 6,818.39 and 6,965.64. Nevertheless, the index is holding on to gains of close to 100 percent over the course of the past year.

Australia's S&P/ASX 200 Index closed trading at 8,789.30, adding 0.9 percent from the previous close of 8,709.30. The day's trading ranged between 8,696.8 and 8,808.40. The index is trading with losses of more than half percent over the course of the past year.

Lendlease group led gains with a surge of 11.3 percent. Karoon Energy followed with gains of close to 9 percent. Develop Global led losses with a decline of 10 percent followed by Deep Yellow that declined 5.3 percent.

The S&P/NZX 50 of the New Zealand Stock Exchange jumped 1.1 percent to close trading at 13,834.39. Easing crude oil prices supported sentiment. The day's trading ranged between 13,660.10 and 13,845.58. The benchmark index has gained around 4.1 percent over the course of the past year.

Air New Zealand rallied 6.5 percent followed by SkyCity Entertainment that gained 6.2 percent. Synlait Milk led losses with a decline of 2.3 percent. Tourism Holdings followed with losses of more than a percent.

Wall Street had closed on a mildly negative note on Tuesday, as crude oil prices and treasury yields remained elevated. The Dow Jones Industrial Average dropped 0.3 percent to finish trading at 51,349.92. The S&P 500 edged down 0.2 percent to finish trading at 7,670.84. The tech-heavy Nasdaq Composite eased 0.1 percent to close trading at 26,797.54.