Most Asian Markets Rose as Economic Data and Tech Stocks Drove Optimism
Go Wire
November 22, 2024
GoGPT Summarizes Articles
Asian-Pacific stock markets mostly closed up on Friday, November 22, with gains driven by chipmaking and cyclical stocks. Positive cues from Wall Street, mixed signals from national economic data, and the growth in tech stocks all bolstered regional positive sentiment.
As of the close of Asian markets, Japan's Nikkei 225 rose 0.68%. Japan revealed that inflation data for October was above the expectation, making the Bank of Japan (BOJ)'s 2% target harder to achieve. Sticky inflation may drive the BOJ to have rate hikes in December.
Australia's ASX 200 climbed 0.85% as investors moved into economically sensitive sectors. However, PMI data showed contractions in manufacturing and services activity.
South Korea's KOSPI advanced 0.83% supported by a 4.68% rise in SK Hynix (KS: 000660), which mirrored tech stock growth in the US market led by Nvidia's strength.
Conversely, China's markets declined with the Shanghai Composite Index falling 3.06% and Hang Seng slipping 1.89% as a lack of concrete stimulus measures from Beijing dragged sentiment down.
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