SINGAPORE – Shares in the Asia-Pacific region rose in trading on Friday, as technology shares in the region jumped after big gains for their Wall Street peers that saw The Nasdaq Composite Index is up 3%..
Hong Kong Hang Seng Index It was up 3.13% in afternoon trade, topping gains among the region’s major markets.
Investors watched moves in technology stocks in Asia Pacific after their counterparts on Wall Street rebounded overnight. The heavy Nasdaq Composite Index jumped 3.06% to 12871.53.
Shares of South Korean industry heavyweight Samsung Electronics rose 4.17% while shares of chip maker SK Hynix gained more than 2%. Crafton jumped 4.99%.
Markets in Japan are closed on Friday for a holiday. MSCI’s broadest index of Asia Pacific shares outside Japan rose 2.1%.
“I think overall it’s kind of…a sea of positive green performance today on the back of a very strong batch of corporate earnings season coming out of the US market,” Audrey Goh, chief investment analyst at Standard Chartered, told CNBC. Street Signs Asia’ Friday.
Looking ahead, Goh pointed to an upcoming meeting of the US Federal Open Market Committee where investors will be watching for evidence of interest rate expectations.
“Overall, as the weekend approaches, we will likely be more cautious as to how the Fed might indicate some path of rate hikes going forward,” she said.
The US dollar indexwhich measures the greenback against a basket of peers, was at 103.309 – largely holding onto gains after breaking above the 102 level earlier in the week.
The Japanese Yen It traded at 130.51 per dollar, and continued to remain weak after breaking through the 130 level against the dollar yesterday. The Australian dollar It was at $0.7148, still far from the levels above $0.72 seen earlier this week.
Oil prices rose in the afternoon of Asian trading hours, with the international benchmark Brent crude futures contracts It rose 0.9% to $108.56 a barrel. US crude futures contracts It jumped 0.5% to $105.89 a barrel.