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March 4, 2024

Asia shares rise on hope for Biden administration

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Stocks in the Asia-Pacific region climbed on Thursday as investor sentiment was lifted by the inauguration of new U.S. President Joe Biden’s administration.

Biden, who formally took over the Oval Office on Wednesday, is expected to provide more stimulus to prop up the world’s largest economy, which has been hit hard by the COVID-19 pandemic.

The Bombay Stock Exchange’s benchmark Sensex scaled the 50,000 mark for the first time ever.

The 30-share Sensex rose by over 300 points to hit an all-time high of 50,137 around noon (0630 GMT).

The broader 50-share Nifty of the National Stock Exchange moved up nearly 100 points to 14,746.

Japan’s benchmark Nikkei 225 Stock Average gained 0.82 per cent to close at 28,756.86, while the broader Topix index was up 0.6 per cent to 1,860.64.

South Korea’s benchmark Kospi Index jumped 1.49 per cent to end at 3,160.84.

Australia’s benchmark S&P/ASX200 index rose 0.79 per cent to close at 6,823.7 and the broader All Ordinaries index added 0.8 per cent to 7,107.1.

China’s Shanghai Composite Index gained 1.07 per cent to 3,621.26 on the day. (dpa/NAN)

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