Asian shares show positive performances with Nikkei reaching record high


(MENAFN) On Thursday, Asian stock markets generally displayed positive performance, buoyed by optimism spurred by remarks from Federal Reserve Chair Jerome Powell hinting at potential future rate cuts. Japan's NIKKEI 225 achieved a significant milestone by surpassing the 42,000-point mark, closing at 42,224.02 points after peaking at 42,426.77 points during the session.

Powell's comments acknowledged progress towards the Federal Reserve's inflation target but stopped short of declaring victory over inflation, suggesting a measured approach to future monetary policy adjustments. In South Korea, the central bank opted to maintain its policy interest rate unchanged at 3.5 percent, citing the need for further evidence of sustained inflation moderation.

In currency markets, the Japanese yen traded near historic lows against the US dollar, registering at 161.7 as of GMT0719, reflecting ongoing market dynamics and investor sentiment. Across the region, stock indices showed varied gains: South Korea's Kospi index closed up 0.8 percent at 2,891.35 points, while China's Shanghai Composite index rose by 1.06 percent to 2,970.39 points. Hong Kong's Hang Seng index also climbed by 2.06 percent, closing at 17,831.13 points.

However, India's Sensex index experienced a slight decline, ending the day at 79,778.81 points, down 0.17 percent from the previous close, amidst mixed performance across Asian markets.

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