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Home Business Asia-Pacific Stocks Surge after Biden’s Presidential Win

Asia-Pacific Stocks Surge after Biden’s Presidential Win

According to NBC projections, the defeat of Donald Trump in the US presidential elections and win of Joe Biden has resulted in a jump of Asia-Pacific stocks, as investors reacted to it.

Nikkei 225, a Japanese Stock Market, jumped by 2.21% to close at 24, 839.84, while the Topix index rose by 1.41% to close at 1689.90. South Korea’s Index, Kospi, saw a rise of 1.27% and ended its trading day at 2,447.20.

Even the China stock markets also saw a rise, with Shanghai Composite 1.86% gains to reach 3,373.73, and the Shenzen Component took a 2.188% hike to end the day at 14,141.15. Hong Kong and Australia market also followed the rising trend, with a jump of 1% and 1.17% respectively.

A rise in Tech Stocks

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Tech firms in Asia saw a jump in japan Softbank Group rose 5.37%, South Korea’s KaKao Games jumped 1.73%, Chinese giant Alibaba raised by 2.84% while Tencent saw a hike of 1.38%. ZTE rose by 4.51%, and China’s largest chipmaker SMIC jumped by 2.28% in the Hong Kong Stock Market.

This rising trend was followed all over the countries, especially in companies that were under the scrutiny of Trump’s government like SMIC.

Yuan Goes Strong; Oil Prices Surge

Oil prices surged in the afternoon of Asian Trading hours, with Brent crude futures up by 2.26% to rest at $40.34 per barrel, while US crude futures jumped by 2.32% to $38 per barrel.

After seeing last week’s level above 6.65 last week, the onshore Chinese Yuan held itself strongly at 6.5727, while the offshore Yuan was seen at 6.5559.

The US Dollar Index declined from 93.1 to 92.183 in recent days, while the Japanese Yen made it strong at 104.3 per dollar from 103.52 of last week. The Australian Dollar also rose from $0.711 last week to $0.7286.

According to Saturday projections by NBC News, Joe Biden, who was a Vice-President earlier, won seats at Pennsylvania and Nevada, which paved the path for his win. While on the COVID scale, infections are going on to the higher side, as 126,000 new infections were reported two days in a row. On the worldwide front, the total infection count crossed the 50 million mark on Sunday, according to Reuters.

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