Asian stock markets exhibited a robust surge, closing on a positive note as investors kept a watchful eye on the forthcoming interest rate announcements from the Bank of Korea and Bank of Indonesia.
Hong Kong’s Hang Seng Index
Hong Kong’s Hang Seng Index concluded at 18,212.17 points, marking a substantial increase of 366.25 points or +2.05%. This rise mirrored the positive momentum on the Dow Jones. All eyes are now trained on Federal Reserve Chairman Jerome Powell’s scheduled speech at the annual meeting in Jackson Hole on August 25. Investors are anticipating Powell’s address to offer clearer insights into the future course of the Federal Reserve.
South Korea’s KOSPI
The South Korea Composite Index (KOSPI) exhibited a sharp ascent, closing at 2,537.68 points, reflecting a notable climb of 32.18 points or 1.28%. This boost was primarily driven by the rebound of technology stocks. The optimism stems from positive prospects for major US chip manufacturer Nvidia’s earnings. Investors are also keenly anticipating Jerome Powell’s speech at the Jackson Hole meeting on August 25, scheduled for 10:05 a.m. US time or 9:05 p.m. Thai time.
Australia’s S&P/ASX 200 and All Ordinaries
In Australia, the S&P/ASX 200 notched a closing figure of 7,182.10 points, marking an upswing of 33.70 points or +0.47%. Similarly, the All Ordinaries index saw a rise, closing at 7,400.60 points with a gain of 33.00 points or +0.45%. This impressive movement was propelled by a surge in technology stocks following the strong earnings report by prominent US chip manufacturer Nvidia.
Tokyo’s Nikkei Index extended its winning streak for a fourth consecutive day, reaching 32,287.21 points, signifying a rise of 276.95 points or +0.87%. This upturn was supported by the growth in semiconductor-related stocks, aligning with the upward trend in U.S. stocks. The surge followed robust results from US chip giant Intel Corporation.
Shanghai Composite Chinese Stock Market
The Shanghai Composite Chinese stock market displayed a positive performance by closing at 3,082.24 points, reflecting an increase of 3.84 points or +0.12%. This gain was in line with the prevailing upward movement seen in most Asian stock markets.
As the week unfolds, the global financial landscape remains dynamic, with market participants closely observing central bank announcements and international economic developments that continue to influence market sentiment and investor behavior.