Market Report – Asia Tech Rallies
Improved demand for electronic goods saw technology shares rally in Asia. Tech-heavy Taiwan has been one of the best-performing stock markets in the world this year. And Taiwan shares are leading the rise across Asia as companies such as chipmaker UMC jump on signs of improved demand. Japan’s Nikkei also gained today after the government announced a bigger-than-expected stimulus package of $154 billion—that’s about 3 percent of Japan’s GDP. The spending package will target eco-friendly electronics, giving a boost to companies like Sony and Panasonic. And some of the economic data form the region also provided hope for a recovery. Japanese core machinery orders posted a surprising increase of 1.4 percent. But over in Australia, there’s been a slowdown. Data shows that the country shed jobs at the fastest pace in six years, while unemployment jumped by the most since 1991.
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