Asian stock markets closed mostly higher this Tuesday (10), after the governments of China and South Korea promised to implement measures to support their respective markets.
Despite this, the initial enthusiasm in Chinese business lost steam throughout the session and the Hong Kong benchmark index ended in the red.
The Shanghai Composite index ended the session with a gain of 0.59%, at 3,422.66 points, while the less comprehensive Shenzhen Composite index rose 0.87%, at 2,075.17 points.
The trading session in mainland China had already closed yesterday when the Asian country’s main body released a statement committing to adopt a “more proactive” fiscal policy and a “moderately loose” monetary stance in 2025.
The announcement arrived in time to boost Hong Kong to a valuation of almost 3%, but today the market did not have the strength to sustain the strong momentum. In the end, the Hang Seng index closed down 0.50%, at 20,311.28 points.
In Seoul, the Kospi index ended a four-day losing streak and jumped 2.43% to 2,417.84 points. South Korea’s Finance Ministry revealed plans to inject an additional 70 billion won into the local stock market by the end of this week, after having already mobilized 30 billion yuan.
The objective is to contain the volatility triggered by the political crisis created by the controversial decision of the country’s president, Yoon Suk Yeol, to temporarily declare martial law.
In Tokyo, the Nikkei advanced 0.53%, to 39,367.58 points, supported by Renesas Electronics (+4.23%) and Sony Group (+4.12%). On the other hand, Taiex, from Taiwan, fell 0.64%, to 23,125.08 points.
TSMC shares fell 0.93%, after the chipmaker reported a slowdown in sales in November.
In Oceania, Sydney’s S&P/ASX 200 index fell 0.36%, to 8,393.0 points. Australia’s central bank, known as RBA, maintained interest rates at 4.35% per year, but reinforced its confidence that inflation is moving sustainably towards the target.
