The US stock market was closed on Friday on the occasion of Good Friday while the Asian stocks did much better. The oil trading was also suspended because of Good Friday observance. The stocks market in US, Europe and many parts of Asia remained closed on Friday.
Both Japan and South Korea shares rose by a thin percentage. Tokyo’s Nikkei stock average rose by 0.7% to reach at 14,516 points making its best gain in this year. After a dismal performance last week, Nikkei stock had a stroke of good luck finally.
China’s Shanghai composite dropped by 0.1% to reach at 2,097 points after last week’s economic data depicted slower economic growth that has been down to its lowest level since the year of 2012. Seoul’s Kospi rose by 0.6% to reach at a respectable 2,004 points. Likewise, Taiwan’s Taiex gain by 0.3% to reach at 8,966 points. Thailand and Malaysia’s market benchmark was set a little higher this week.
Thursday morning wasn’t as good for the US stocks as the technology sector saw some backlash owing to Google and IBM’s dismal earnings report. Even though big market names like Goldman Sachs, General Electric Co. and Morgan Stanley exceeded Wall Street expectations, the market faced overall disappointment as it saw some major names experiencing a drop in their share market performance.
Last week was pretty bad for the Asian market as investors questioned Japan’s recovery. Bargain hunting led to some rebound in the investors’ faith this week. Japan shares have been cheaper but for some reason it has failed to trigger large scale buying amid investors. The market has been pretty slow for now as the world is celebrating Easter weekend.