Asian stocks experienced a robust rally on Thursday, with China and Hong Kong markets taking the lead, while Australian shares closed near two-year highs. The CSI 300 index in China surged by 2.34%, closing at 3,414.54, marking a second consecutive day of gains. Similarly, Hong Kong’s Hang Seng index climbed 2.54%, also witnessing a second day of positive momentum. Despite this recent surge, Hong Kong remains the worst-performing large Asia-Pacific market in 2023, with a decline of approximately 14%.
Major sectors in the Hang Seng index displayed positive movements during afternoon trading. Markets in Australia and Hong Kong resumed trading after a Christmas break, both concluding with gains. China’s stock market was boosted by a rebound in online gaming stocks.
Australia’s S&P/ASX 200 index closed 0.70% higher at 7,614.30, reaching its highest level since late April 2022. The index is poised to end the year higher at 7.7%. In contrast, Japan’s Nikkei 225 ended down 0.42% at 33,539.62, after a previous session with over 1% gains. The broader Topix index closed down 0.14% at 2,362.02, taking a breather after four consecutive sessions of increases.
Japan’s retail sales data for November showed a growth of 5.3%, surpassing a Reuters poll forecast of 5%. South Korea’s Kospi closed 1.60% higher at 2,655.28, building on gains from the previous session. The small-cap Kosdaq also closed higher by 0.79% at 866.57.
In the U.S., stocks finished higher on Wednesday, with the S&P 500 inching up 0.14% and the Nasdaq Composite adding 0.16%. The Dow Jones Industrial Average rose 111.19 points, or 0.3%, reaching a fresh closing high. The S&P 500 is now less than 0.5% away from its record closing level set in January 2022, enjoying an eight-week winning streak, the longest since 2017.
