Most of the Asian equity indices are trading higher in the early deals on Wednesday, following the positive cues overnight from Wall Street on upbeat corporate earnings results as well as economic data. Investors also cheered indications that the US and North Korea are making progress on arranging a summit between US President Donald Trump and North Korean leader Kim Jon Un. Meanwhile, China's central bank lowered the reserve requirement ratio for most commercial banks on Tuesday. Japan's Nikkei share average raced to a seven-week high as risk sentiment recovered after Wall Street rose overnight on earnings hopes, lifting shares across the board. Among the other Asian markets, Hong Kong, Singapore, South Korea, Indonesia, and Taiwan are in positive territory. Bucking the trend, Shanghai and Malaysia are lower.
Nikkei 225 rose 320.8 points or 1.47% to 22,168.39, Hang Seng gained 83.66 points or 0.28% to 30,146.41, Straits Times added 45.18 points or 1.29% to 3,543.38, KOSPI Index spurt 23.93 points or 0.98% to 2,477.70, Jakarta Composite increased 23.82 points or 0.38% to 6,309.59, and Taiwan Weighted up by 23.41 points or 0.22% to 10,833.86.
On the flip side, Shanghai Composite declined 11.36 points or 0.37% to 3,055.44, and FTSE Bursa Malaysia KLCI down by 3.2 points or 0.17% to 1,877.29.