Asian stocks rise as China shares push higher on stimulus hopes
Investing.com-- Most Asian stocks rose slightly on Tuesday as markets awaited a barrage of key economic readings this week, while a rally in Chinese shares extended into a second session amid speculation over more stimulus measures.
Regional markets took some positive cues from Wall Street as U.S. stocks ended Monday higher on strength in industrials and technology stocks. This spilled over into Asian trade, with regional tech stocks leading broader gains.
Asian stocks had logged strong gains on Monday after China rolled out measures aimed at supporting its beleaguered stock market. Markets were now watching for any more stimulus measures in the region's biggest economy, as it struggles to shore up slowing growth.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes jumped over 1% each, recovering further from 2023 lows hit last week.
State media reports said that the People's Bank of China (PBOC) could potentially cut its reserve ratio requirements sooner than expected, providing local markets with more liquidity. Chinese officials also talked up potential fiscal support for the economy.
Beijing had over the weekend said it will halve the stamp duty collected on stock trading in the country, as part of broader measures aimed at helping local equities. The measures helped trigger sharp gains in local stocks.
Focus is now squarely on purchasing managers’ index (PMI) data from the country, due on Thursday and Friday. The readings are expected to offer more cues on a slowing economic recovery in the country, with analysts expecting this week’s readings to show little improvement.
Hong Kong's Hang Seng index was the best performer among its Asian peers on Tuesday, rising over 2% on a mix of tech strength,
Read more on investing.com
