Stocks in Asia-Pacific were higher on March 16, as Chinese stocks experienced a strong rebound following recent heavy losses.
In Hong Kong, the Hang Seng index added 9.08% to end its trading day at 20,087.50, its best result since October 30, 2008, when it gained 12.82%. Nevertheless, the benchmark index is down more than 2% so far this week. The Hang Seng index declined on Monday and Tuesday.
Chinese tech stocks in Hong Kong saw big gains on March 16. Shares of Tencent jumped 23.15%. Alibaba added 27.3% and NetEase gained 23.4%. The Hang Seng Tech index advanced 22.2% to 4,243.39.
Mainland Chinese stocks reached good results on March 16. The Shanghai composite added 3.48% to finish its trading day 3,170.71. The Shenzhen component advanced 4.019% to 12,000.96.
The biggest part of the gains on March 16 came after a Chinese state media report signaled support for Chinese stocks. According to the report, U.S. and Chinese regulators are progressing toward a cooperation plan on U.S.-listed Chinese stocks. Chinese tech stocks have been under pressure in recent days due to multiple concerns.
In Japan, the Nikkei 225 added 1.64% to close at 25,762.01. The Topix index advanced 1.46% to 1,853.25.
South Korea’s Kospi added 1.44% to end its trading day at 2,659.23.
Australia’s S&P/ASX 200 gained 1.1% to close at 7,175.20.
U.S. stocks on March 15
U.S. stocks jumped on March 15. The Dow Jones Industrial Average added 599.10 points or 1.82% to 33,544.34. The S&P 500 index gained 2.14% to 4,262.45. The Nasdaq Composite jumped 12,948.62.
The country’s central bank is set to announce its latest interest rate decision on Wednesday. The Federal Reserve is widely expected to raise rates by a quarter point, its first hike in several years.
COMMENTS