At the start of the new trading week, optimism was showing in Asia, stemming from expectations of an impending US central bank monetary policy decision. Asian stocks dragged up by Tokyo and Seoul, Shanghai and Hong Kong were closed for the holiday.
Market shares in Seoul, South Korea, were riding a wave of optimism on Monday. While the KOSPI composite index gained only 0.09 percent (less than three points), it was still enough to reach an all-time high of 3,252.13 points.
The market has been helped by the Federal Reserve’s reassurance that the current high us inflation rate is only a temporary matter, and that inflationary pressures will weaken again in the foreseeable future. This gave investors hope that the Fed would not tighten its policy at the next monetary policy meeting and would continue to support the US economic recovery.
In a similar vein, tokyo was traded. The country’s Nikkei composite index added 0.74 percent to its highest level since May 10. Here, too, investors reacted to developments in the US. Titles from the maritime transport, tyre production or electrical engineering sectors were the most strengthened.
