Asian stock markets reacted strongly after the rally of the technology sector on Wall Street.
In particular, in Hong Kong, the Hang Seng recorded a strong rally of 4.11%, closing almost at the daily high of 21,089 points. Similarly, in China, the Shanghai Composite closed 2.4% higher at 3,047 points, while the Shenzhen Component jumped 3.7% to 11,021 points.
In Seoul, Kospi added 1% to 2,695 points, while the Australian S & P / ASX closed with a rise of 1.06% to 7,435 points. The stock market rose 1.05% in Taiwan, and in Singapore with + 1.4%.
It is noted that Tokyo was closed due to a holiday for the “Golden Week” in Japan.
The titles of the technology sector came to the fore, after the rally recorded by their counterparts yesterday in the USA, with Tencent making a jump of 11% and Alibaba unbridled with + 15.7% in Hong Kong.
Attention is now being drawn to the meeting of the Politburo of the Communist Party in China, regarding possible indications for the course of monetary policy.
Analysts say the meeting is likely to focus on ways to boost growth as leaders try to allay concerns about how lockdowns are affecting the world’s second-largest economy through disruptions to transportation, manufacturing and other businesses.
Politburo will focus on creating a positive climate in Asian markets, so expect China to pursue a more pro-coronary policy in terms of restrictions on coronavirus, housing market, and consumption boost, says SPI analyst Asset Management.
Source: Capital
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