Asian equities rally rise for sixth straight day, ignore Turkey concerns

Stock markets across Asia outside Japan strengthened for the sixth straight day as investors ignored increased geopolitical risks arising out the failed military coup attempt in Turkey.

The MSCI Asia Pacific Excluding Japan advanced 0.20%. Australia’s S&P/ASX 200 strengthened 0.50%. New Zealand’s equity market added 0.35% after the moderation in the inflation number increased hopes of RBNZ rate cut in August. Hong Kong’s Hang Seng added 0.17%. South Korea’s Kospi index traded flat at the time of writing. Japan’s equity market is closed for a holiday. 

As per Bloomberg report, Malaysia Airports Holdings Bhd., which owns the Istanbul Sabiha Gokcen International Airport in Turkey, tumbled 5.1% today, making it the biggest decliner in the Asian regional gauge.

A failed military coup in Turkey over the weekend sent Turkish Lira down sharply against the USD, however, equity markets have remained remarkably resilient. US stock markets closed on a flat note on Friday and the futures are now currently trading 0.10% higher.