Asia-Pacific markets mixed as shares in Japan, South Korea struggle for gains
Asia-Pacific markets traded mixed Tuesday after starting the week by struggling for gains in what some analysts have described as a fragile environment.
In Australia, the benchmark ASX 200 jumped 0.92%, extending advances from the previous session. The heavily-weighted financials subindex advanced 1.65% as major banking names rose. ANZ shares were up 2.51%, Commonwealth Bank added 1.29%, Westpac rose 1.78% and National Australia Bank was up 1.82%.
Japanese shares struggled after market open where the main Nikkei 225 index accrued further losses from the previous session, dropping 0.44%. The Topix index, however, eked out a 0.12% gain. Banking and auto shares in Japan advanced as the likes of Mitsubishi UFJ Financial Group, Toyota, and Honda traded higher.
South Korean shares fell sharply, with the Kospi down 1.38% and the Kosdaq tumbling 2.1%. Tech shares declined: Samsung was down 0.85%, chipmaker SK Hynix was down 2.58%, LG Electronics slipped 0.35%, while search engine operator Naver fell 3.12%.
Investors this week will watch as the U.S. House of Representatives plans to pass a $1.9 trillion coronavirus relief bill to get fresh aid to Americans starting this month. That follows after the Senate passed the legislation over the weekend. President Joe Biden is expected to sign it before key unemployment programs expire on Sunday.
Reference: CNBC
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