Asian shares rebound on tech rally, stimulus optimism

Asian share markets recovered on Friday. This could be attributed to a tech-driven rally on Wall Street backed by strong U.S. housing data.  Moreover, investors were seen salvaging losses after a broad regional index recorded its biggest daily decline in more than three months.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4%. The rebound came after the index recorded a 2.15% decline the previous day, its largest daily decline since June 11.

Chinese blue chips were muted, while South Korean shares earned 0.57%. Australian shares were 1.3% higher as financials came to be the biggest advancers in more than three months. Meanwhile, Japan’s benchmark index Nikkei recorded a 0.5% gain.

While U.S. stocks performed turbulently, they managed to advance on Thursday. This followed after the technology sector gained on strong unemployment claims. More so, news that Democrats in the U.S. House of Representatives are planning to implement a $2.2 trillion stimulus package relieved investors on Friday.