Asian stock markets concluded on a positive note today as investors awaited the upcoming monetary policy meeting of the Federal Reserve (Fed), scheduled for April 30 to May 1. The market sentiment was buoyed by various developments across the region.
In China, the Shanghai Composite ended the session positively at 3,113.04 points, marking a gain of 24.41 points or +0.79%. This uptick was fueled by reports indicating that the city of Chengdu has lifted restrictions on home purchases. This move follows similar initiatives undertaken by other Chinese cities, aiming to bolster real estate demand and spur economic recovery.
Hong Kong’s Hang Seng continued its positive streak for the sixth consecutive trading day, closing at 17,746.91 points, up by 95.76 points or +0.54%. The market followed the upward trajectory observed in Asian and US markets. Meanwhile, investors remained vigilant ahead of the impending Fed monetary policy meeting.
The South Korea Composite (KOSPI) also ended on a positive note, reaching 2,687.44 points, reflecting an increase of 31.11 points or +1.17%. The surge was supported by gains in stocks within the battery and chemical sectors, countering the downturn seen in technology stocks. However, the South Korean won experienced a slight weakening against the US dollar.
In Australia, the S&P/ASX 200 closed positively at 7,637.40 points, up by 61.50 points or +0.81%, while the All Ordinaries index reached 7,906.60 points, marking an increase of 69.20 points or +0.88%. These gains were underpinned by robust buying activity in banking and IT stocks. Investors remained attentive to the outcome of the Fed’s monetary policy meeting, scheduled for Wednesday, US time.
It’s noteworthy that the Japanese stock market remained closed today (April 29) in observance of Showa Day.