Nikkei 225 up 1.16%, and Hang Seng up 2.69% on Thursday – 02 March 2023
02 Mar 2023
Asian Stocks Closed Flat in Thin Holiday Trade.
The Nikkei 225 rose 1.16% to 28542.11 on Thursday.
On Thursday Japan’s Nikkei stocks average ended higher, and COVID-19 lockdowns ended in major China trade partner
Benchmarks declined in Tokyo, Sydney, and Shanghai, major Chinese cities closed due to coronavirus outbreaks, and Asian shares fell trading as the market was closed for good Friday
The Hang Seng was up by 2.69% at 19362.45 and Hang Seng Tech Index was down by 1.29%. The 10-year U.S Treasury yield jumped to its next level in June. The 30-year Treasury rate closed at the highest level since 2014
Last Wednesday Asia- The pacific market was down as investors expect the Federal Reserve to give a summary of economic conditions, this is also known as Beige Book. Shanghai is up by 0.82% at 3262.05, and the TOPIX rose 0.19% to 1866.71,
Chinese exporters increase by 7.1% in August and in the next month it increased by 18% almost 12.8%, The offshore Chinese yuan weakened to 6.99 %
The S&P/ASX 200 in Australia down by 1.42% at 6729.30
On Thursday Asian stock rose, extending an overnight rally, while the oil prices support levels not seen since before Russia’s invasion of Ukraine.
LONG-TERM TECHNICAL ANALYSIS
This daily chart indicates that Nikkei 225 was trading in a downward channel, currently, it is trading above all SMA. RSI is in the buying zone which indicates bullishness and MACD is above zero which indicates bullishness.