Market Updates
Asian Markets Advance On Oil Weakness
Arjun Pandit
23 Jun, 2022
New York City
Across Asia, market indexes closed higher after energy prices eased.
Crude oil prices in Asia declined for the second day and extended 2-day losses to 5.5% and natural gas prices dropped 0.6% in the region on the worries of a global recession.
Indexes in China gained on local media reports suggesting that the government is considering to extend tax break for electric vehicles.
Separately, an executive committee also approved a plan for fintech and large digital payment network operators.
The Nikkei index in Japan closed marginally higher and resource stocks led the decliners.
The Nikkei index in Tokyo added 0.08% to 26,171.25 and indexes in Hong Kong gained 1.3% to 21,273.34 and in Shanghai rose 1.6% to 3,320.15.
Sumitomo Metal Mining dropped 6% and Inpex Corp fell 2.6%.
In Mumbai, stocks advanced for the second day after the latest minutes of meeting from the monetary policy committee stressed the direction of inflation rather than its level.
The Sensex index gained 709.54 or 0.9% to 52,265.23 and the Nifty 50 index advanced 0.93% to 15,556.65.
Automakers led the gainers on earnings optimism in the current quarter.
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