Asian stock markets back on track

July 07, 2015 (LBO) – Most of the Asian markets traded higher on Tuesday, following losses on Monday, foreign media reports said.

Japan’s benchmark Nikkei 225 was up 1.4 percent to 20,389.47 in early trade while the euro also rebounded from Monday’s one week low to 1.1045 US dollars against the dollar.

Hong Kong’s Hang Seng index was higher 0.3 percent to 25,321.72.

In South Korea, the benchmark Kospi index was down 0.1 percent to 2,051.87.

However in China, shares opened lower with the Shanghai Composite down 1.8 percent to 3,706.81 despite more measures from the government to stem the sell-off in the market.

Media reports said “over the weekend, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China’s state-owned margin finance company, which in turn would be helped with liquidity from the central bank.”

Australia’s S&P/ASX 200 index was up 1.8 percent to 5,572.70 as investors awaited the central bank’s decision on interest rates later in the day.

The Reserve Bank of Australia is widely expected to keep interest rates at record low of 2% after a cut in May.