Asian shares advance on rising commodities
Asian share markets recovered from low grounds on Tuesday, reversing from their downward course yesterday brought by U.S. technology shares’ poor performance. The series of gains could be attributed to an increase in commodity prices, greatly supporting investors’ sentiment.
After recording its sharpest decline in two weeks, MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.2%. While the index had eased from last week’s peak, it still performed 9% higher so far this year.
The Australian S&P/ ASX 200 and Singapore’s Straits Times index both tallied a 0.6% increase. Hong Kong gained 1.1%, while the tech-heavy Kospi lost heavily with a 0.3% drop. Taiwan, on the other hand, fell 0.05%.
High-growth stocks hampered Wall Street’s session, with the Nasdaq tallying a 2.5% decline on Monday. This greatly affected Asia’s performance yesterday, but an increase in commodity prices on Tuesday supported investors’ risk appetite.