Asia Desk, Apr 8 (EFE).— Major Asian stock markets rebounded on Tuesday following the previous day’s steep losses sparked by fears of a global trade war, with Tokyo leading the recovery after US President Donald Trump promised “fair agreements” on tariffs.
The Nikkei surged 6 percent, recovering from an 8 percent drop on Monday, amid easing recession fears and signs that Wall Street was beginning to stabilize.
Gains in Japan were led by the semiconductor sector. Companies such as Disco, Lasertec, Tokyo Electron, and Advantest jumped 12.67 percent, 8.27 percent, 8.73 percent, and 11.82 percent, respectively.
In South Korea, the Kospi index rose 0.26 percent after losing more than 5.5 percent the day before. Hong Kong’s Hang Seng also bounced back, climbing 1.51 percent after suffering its worst drop since 2008 on Monday, when it plunged 13.2 percent.
China’s markets also edged higher despite the intensifying trade standoff. The Shanghai and Shenzhen indices rose 1.58 percent and 0.64 percent, respectively, after falling 7.34 percent and 9.66 percent on Monday.
Tensions between the US and China escalated as Trump threatened to impose an additional 50 percent tariff on Chinese goods unless Beijing lifted its levies on American products. In response, China’s Ministry of Commerce vowed on Tuesday to fight “until the end.”
Meanwhile, China’s state-owned Central Huijin Investment said it had the resources to ensure market stability and pledged to increase its purchases of exchange-traded funds, continuing its measures from Monday.
Several major Chinese firms, including Sinopec, Haier, and CATL, also announced share buyback plans to help stabilize markets.
Taipei and Southeast Asia in the red Not all markets ed the rebound. Taiwan’s Taiex index fell more than 4 percent, compounding Monday’s record 9.7 percent drop, the largest daily loss in the exchange’s history.
Chipmaking giant TSMC, which dominates the global foundry market, dropped 3.77 percent.
In Indonesia, the main stock index plunged over 9 percent shortly after opening, triggering a 30-minute trading halt under new circuit-breaker rules.
The exchange had been closed since Mar. 28 due to a local holiday and missed Monday’s global sell-off triggered by fresh US tariff threats.
Elsewhere in Southeast Asia, most markets traded in negative territory. Vietnam’s index fell 7.5 percent, Thailand’s dropped 4.17 percent, both had been closed Monday, and Singapore lost 1.22 percent.
The Philippines bucked the trend, gaining 3.15 percent, while Malaysia’s market was flat.
On Wall Street, the major indices moderated their declines on Monday. The Dow Jones Industrial Average lost 0.91 percent, the S&P 500 fell 0.23 percent, while the Nasdaq managed a slight gain of 0.1 percent, signaling a slowdown in selling by the end of the session. EFE
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