Asian stocks close higher, with rumors of changes in China over Covid

Asian stock markets recorded gains on Tuesday (1st). The move was spurred by rumors on social media, unconfirmed by Beijing, that China was preparing to relax restrictions against Covid-19 in March.

The Shanghai Stock Exchange closed up 2.62%, at 2,969.20 points, and the smaller Shenzhen Stock Exchange, up 2.97%, at 1,942.36 points. Most equities rose, with airlines, consumer and food producers among the highlights. BTG Hotels Group is up 8.7%, China Tourism Group Duty Free is up 10% and beverage maker Kweichow Moutai is up 8.3%.

In Hong Kong, the Hang Seng index rose 5.23% to 15,455.27 points, after rising 6.4% on the day. At the close, the daily gain was the biggest in nearly a month. China’s tech giants led the way, with Tencent up 11% and Meituan up 12%, also with speculation about China’s shifts in relation to Covid-19 in the spotlight.

On the Tokyo Stock Exchange, the Nikkei index closed with a gain of 0.33%, at 27,678.92 points. The aviation sector rose, with JAL up 1.0% and ANA up 2.5%. After balance, Japan Tobacco recorded a gain of 9.5%. Toyota Motor, on the other hand, fell 1.9%, after its net profit disappointed in the quarterly result.

In South Korea, the Kospi index closed up 1.81% in Seoul, at 2,335.22 points. Actions related to batteries and nuclear energy were among the highlights. In addition, there were expectations for the decision of the Federal Reserve (Fed, the American central bank) in this market.

In Taiwan, the Taiex index rose 0.68% to 13,037.21 points.

In Oceania, the S&P/ASX 200 index closed with a gain of 1.65% in Sydney, at 6,976.90 points. Commodity stocks pulled the result. On monetary policy, the Reserve Bank of Australia (RBA) raised the benchmark interest rate by 25 basis points to 2.85% per annum, the seventh consecutive rise in 2022, in addition to forecasting further hikes. forward. TD Securities deemed the RBA’s statement “dovish” relative to expectation. With information from Dow Jones Newswires.