07/02/2024 – 5:57
By Sergio Caldas*
São Paulo, 02/07/2024 – Asian stock markets closed without a single direction this Wednesday, with the Chinese stock exchanges extending gains still in reaction to Beijing's initiatives to contain losses in local stock markets.
In mainland China, the Shanghai Composite index rose 1.44%, to 2,829.70 points, extending yesterday's gains after a sequence of six negative trading sessions. The less comprehensive Shenzhen Composite advanced 1.47% to 1,528.91 points.
Yesterday, a large investment fund and China's securities regulator mobilized in an attempt to rescue the country's stock markets, which had been accumulating heavy losses amid concerns about the fragility of the recovery of the world's second largest economy.
There were also reports that Chinese President Xi Jinping would meet with regulators to discuss the recent turbulence in the markets, but there is still no confirmation of the meeting.
Elsewhere in Asia, the Hang Seng fell 0.34% in Hong Kong today to 16,091.89 points, after jumping more than 4% in the previous session as Beijing signaled support, and Japan's Nikkei fell 0. 11% in Tokyo, at 36,119.92 points, with falls in technology and machinery shares, while South Korean Kospi secured an increase of 1.35% in Seoul, at 2,611.02 points, thanks to the good performance of shares of maritime transport, automotive and battery sectors.
In Taiwan, the stock exchange remained closed for the second day in a row due to a holiday.
In Oceania, the Australian stock market recovered after being in the red for two consecutive sessions, with the help of mining shares. The S&P/ASX 200 advanced 0.45% in Sydney, to 7,615.80 points.
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*With information from Dow Jones Newswires
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