China, Hong Kong stocks gain; Aussie shares hit near 2-year highs
The Bund Bull in Shanghai on Feb. 28, 2023. After three years of turbulence under the Covid pandemic, China’s leaders are expected to lay out goals to get growth back on track.
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China and Hong Kong stocks gained ground Wednesday as video game shares surged, while Australia stocks hit a near two-year high, as more markets return from a Christmas break.
China’s CSI 300 index added 0.14% by open as shares of video game shares steadied after falls in the previous session.
Chinese online gaming stocks rose in Hong Kong trading after the Beijing’s top gaming regulator said it will “carefully study” the concerns of all stakeholders on draft rules aimed at curbing excessive online gaming and spending.
Hong Kong’s Hang Seng index rose 0.8% in early trading. This is the first trading day of the week for Hong Kong markets.
Australia’s S&P/ASX 200 index gained nearly 1% to hit its highest level since late April 2022, as trading resumed for the week. The index is eying yearly gains of over 7%.
Aussie stocks have been buoyed by hopes that the Reserve Bank of Australia will no longer be hiking interest rates after the central bank held rates steady at its last meeting of the year, partly driven by the Federal Reserve’s more dovish tilt.
With fewer data points on the economic calendar and all major central bank meetings out of the way, trading volumes are expected to be thin.
Japan’s Nikkei 225 rose 1.19%, while the broader Topix index added 0.92%. The Topix is headed for its fourth straight day of gains.
The Nikkei 225 has gained more than 27% so far this year, making it Asia’s top performing index for 2023.
South Korea’s Kospi reversed early gains to dip 0.3%, and the smaller Kosdaq index stayed 1% higher.
Overnight, stocks on Wall Street kicked off the last week of the year on a positive note, pushing the S&P 500 closer to record levels.
The S&P 500 ended 0.42% higher, while the Nasdaq Composite advanced 0.54%. The Dow Jones industrial Average gained 159.36 points, or about 0.43%, to close at 37,545.33.
The Nasdaq 100 gained 0.6% and notched an all-time high and record close, ending the session at 16,878.46.
— CNBC’s Clement Tan, Samantha Subin and Fred Imbert contributed to this report.
