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Tech Strength, Wall Street Cues Propel Asian Markets Higher

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Last updated: 11/23/2022 05:37:08

05:37 AM EST, 11/23/2022 (MT Newswires) -- Asian stock markets largely closed higher Wednesday as tech issues gained after earnings reports, and on overnight cues from Wall Street. Hong Kong and Shanghai finished in the green, as did most regional exchanges, while Tokyo was closed on holiday.

The Hong Kong Hang Seng Index opened evenly, wavered, but rose in afternoon trading to finish up 0.6%. Property issues tracked higher on hopes for more policy support from Beijing.

The broad gauge Hang Seng rose 99.40 to 17,523.81, as gaining issues outnumbered losers 38 to 31. The Hang Seng TECH Index rose 1.1% on the day while the Mainland Properties Index rose 1.7%.

Leading the upside were AI-and-internet enterprise Baidu (BIDU, 9888:HK), up 3.4% after reporting earnings. Internet-based seller JD.com (JD, 9618:HK) rose 3.3%, followed by e-commerce colossus Alibaba (BABA, 9988:HK) up 3.1%.

On the mainland, the Shanghai Composite rose 0.3% to 3,096.91.

In other news, Chinese financial regulators "stressed the need for facilitating financing for the real estate sector to ensure economic stability," the state-run China Economic Net reported late Tuesday.

On the other exchanges, the South Korean KOSPI rose 0.5%; the Taiwan TWSE inclined 0.5%; the Australian ASX 200 inclined 0.7%; the Singapore Straits Times Index fell 0.1%, and the Thai Set inclined 0.6%. In late trading in Mumbai, the Sensex was up 0.1%.

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