Stocks Move Higher, U.S. Dollar Firms

Most major Asian markets closed higher on Tuesday as a landmark meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un took place in Singapore and ahead of central bank meetings in the coming days.

In Japan, the Nikkei 225 gained 74.31 points, or 0.3%, to 22,878.35. The food, retailer and land transport sub-indexes were among the best-performing sectors, all rising more than 1%. The U.S. dollar edged up almost 0.3% against the safe-haven yen to trade at 110.33

In Hong Kong, the Hang Seng Index gathered 39.36 points, or 0.1%, to 31,103.06

Korean markets fell, in what was a choppy session, with the index trading both above and below the flat line through the day.

The high-profile Trump-Kim summit — the first meeting between sitting leaders of both countries — took centre stage during the day, although analysts have said they expected little direct impact from the event on the markets.

No major breakthroughs had been expected from the meeting, which culminated in both leaders signing an statement that pledged a lasting “peace regime on the Korean Peninsula.” Tuesday’s summit comes as an about face for relations between the U.S. after an elevation in geopolitical tensions last year following multiple missile launches by the North.

Trump continued to fan trade tensions in a series of tweets critical of traditional allies of the U.S. on Monday during Asia business hours.

In other markets:

In Shanghai, the CSI 300 picked up 45.97 points, or 1.2%, to 3,825.95

In Singapore, the Straits Times index fell back 11 points, or 0.3%, to 3,430.69

In Korea, the Kospi index subtracted 1.32 points, or 0.1%, to 2,468.83

In Taiwan, the Taiex Index fell 4.44 points to 11,144.79

In Australia, the ASX 200 returned from a long weekend to tack on 9.25 points, or 0.2%, to 6,054.44

In New Zealand, the NZX 50 lost one point to 8,958.81

This article provided by NewsEdge.