Markets in Asia turn green

22 March, 2018

Markets in Asia traded mainly higher on Thursday following a widely expected Federal Reserve interest rate hike and upgrade of the US gross domestic product forecast.

The US regulator raised its benchmark rate by 25 basis points, leaving it in a range between 1.5 percent to 1.75 percent. Market players had priced in the monetary decision in advance.

The central bank said it expected at least two other interest rate moves this year, while upgrading its 2019 benchmark rate estimation to 2.9 percent.

Wall Street top three indexes rose sharply immediately after the announcement, while the dollar deepened losses on profit taking. As the decision was anticipated, the meeting turned out to be a buy the rumor / sell the fact event.

In Japan, the Nikkei 225 added 0.84 percent, while the Topix increased 0.46 percent, with mining and oil components rising 4.5 percent and 2.8 percent in early trading.

Seoul's Kospi index was up 0.87 percent with a vast majority of sectors moving into green territory. Technology, trading houses, manufacturing were among the best performers.

Hong Kong’s Hang Seng Index jumped 0.45 percent and China’s mainland Shanghai composite rose 0.18 percent. In Australia, the S&P/ASX 200 reversed early losses to add 0.2 percent.


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