Chinese growth data boosts Asian stocks gains| MENAFN.COM

Monday, 04 July 2022 05:50 GMT

Chinese growth data boosts Asian stocks gains

(MENAFN– ecpulse)

Asian stocks rose today after a series of losses amounted to four sessions; this comes after announcing the Chinese GDP data, where the second-largest global economy recorded growth of 7.4% in the first quarter of the year.

Decline in growth rates compared with the previous reading pushed investors to the expectation that the Chinese government will have to intervene more quickly with stimulus in the upcoming period, which will gain the market further momentum.

On the other hand, Japanese stocks rose to its highest level in two months, in light of a significant reduction of Yen against major currencies, which encouraged the shares of companies depending on exports to rise.

- The MSCI Asia Pacific Index rose 1.0% to 138.63 at 2:26 in Hong Kong.

- Nikkei 225 ended 3.01% higher at 14417.68.           

- Topix closed 2.68% higher at 1166.55.

- Shanghai Composite closed 0.06% higher at 2100.36.

- Australia’s S&P/ASX 200 0.60% higher at 5420.30.

- New Zealand’s NZX 50 closed 0.28% higher at 5090.55.

- Kospi closed unchanged at 1992.21.           

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