Asian markets follow Wall Street higher after tech stocks gain

Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks.

The Shanghai Composite Index SHCOMP, +1.03% rose 0.6% and the Nikkei 225 NIK, +0.85% in Tokyo added 0.2%. The Hang Seng HSI, +0.47% in Hong Kong gained 0.4% despite U.S.-Chinese tension over a security law imposed on the territory. The Kospi 180721, +0.88% in Seoul was 0.7% higher and Sydney’s S&P/ASX 200 XJO, +1.19% advanced 0.9%. New Zealand NZ50GR, -1.60% and Singapore STI, -0.32% retreated while Jakarta JAKIDX, +0.32% rose.

U.S. stocks have recovered most of this year’s losses, helping to push up global prices, despite rising numbers of American coronavirus infections that threaten to derail economic improvement. Investors are buying technology and other companies they expect to emerge stronger from the global downturn.

On Wednesday, Wall Street turned in its sixth gain in seven days when the benchmark S&P 500 index closed up 0.8%. Amazon AMZN, +2.70% , Apple AAPL, +2.32% and Microsoft MSFT, +2.19% accounted for half that rise.

“The uptick in sentiment seems unrelated to any specific news,” said Stephen Innes of AxiCorp in a report.

On Wall Street, the S&P 500 SPX, +0.78% rose to 3,169.94 and Dow Jones Industrial Average

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