Asian Stocks Mostly Went Up Due To Fed Keeps Rate Cut – Nikkei 225 Sets New All-Time High
Most Asian stocks witnessed a surge today, March 21, highlighted by Japan’s Nikkei 225 reaching another all-time high following the Federal Reserve’s decision to maintain interest rates while considering at least three rate cuts in 2024.
Japan’s Nikkei 225 index stock average hit another all-time intraday peak on Thursday as investors faces higher-risk assets following the US Federal Reserve’s dovish remarks.
By the end of trading day, the Nikkei average closed at 40,815.66, showing a 2.03% surpassing its previous ATH record of 40,109.23 on March 4. While in the afternoon session, it reached 40,823.32, surpassing the prior intraday peak of $40,472.11 on March 7.
Leading the bullish trend were the blue-chip stocks like Hitachi and Mitsui & Co., which surged by over 4%, hitting historic highs in trading activity. Yusuke Sakai, a senior trader at T&D Asset Management says, “I don’t see any [specific] stocks leading the average’s rise. Rather, people are buying a wide range of shares. It must be a cozy market environment for investors.”
In addition, Semiconductor wafer manufacturer Sumco also went up by 6% at one point. The earnings report from US chipmaker Micron Technology exceeded market projections, driving continuous investment inflows into semiconductor-related equities. Furthermore, over 80% of the stocks listed on the Tokyo Stock Exchange Prime market also went up.
Following Nikkei’s bullish trend today, the Hang Seng index also went up by 1.93% trading at 16,863.1, while South Korea’s Kospi also surged by 2.41% trading at 2,754.86.
ASX 200 also surged by 1.12%, trading at 7,782, and India’s Nifty 50 went up by 0.75% trading at 22,002.9.
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