Asia Stocks Rise as China, Hong Kong Rally Extends – Asia Market Wrap
January 25, 2024
Most Asian shares rose on Thursday as a recovery in Chinese stocks intensified on predictions that Beijing’s new stimulus measures would offer a floor for the country’s collapsing stock markets.
Hong Kong and mainland China stocks extended Wednesday’s late rally after the People’s Bank of China startled investors by announcing plans to reduce banks’ reserve requirement ratios next month. Following the PBoC’s action, officials added more steps to support the collapsing property and stock markets.
South Korean stocks were largely unchanged, while Japanese stocks reversed losses. SK Hynix, the world’s second-largest memory chip producer, fell as investors analysed its fourth-quarter earnings and the chip sector’s outlook. US market futures were unchanged after Wall Street continued its record rise on Wednesday.
