Asia markets rise; data shows Singapore’s economy expanded 1.3% in the first quarter
Shares in Asia-Pacific rose in Tuesday morning trade following overnight gains stateside.
In Japan, the Nikkei 225 rose 0.52% in early trade. The Topix index also advanced 0.24%. South Korea’s Kospi climbed 0.3%.
The S&P/ASX 200 in Australia was 0.53% higher.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14% higher.
Technology stocks in Asia-Pacific were in focus on Tuesday, including China’s Kuaishou Technology, which announced Monday a 36.6% jump in its first-quarter revenues compared to the same period of 2020.
In Tuesday morning trade, shares of Japanese conglomerate Softbank Group gained about 0.4% while South Korean chipmaker SK Hynix saw its stock jump more than 1%.
Those moves came following a bounce for tech stocks stateside. Overnight on Wall Street, Alphabet — the parent of Google, Facebook and Microsoft all rose more than 2%.
In Southeast Asia, Singapore’s economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore’s GDP growth forecast for 2021 at “4.0 to 6.0 per cent.”
Reference: CNBC
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