05/27/2024 – 6:43
By Sergio Caldas*
São Paulo, 05/27/2024 – Asian stock markets closed broadly higher this Monday, driven by chip stocks after China established a billion-dollar fund to boost the semiconductor industry.
Shares of semiconductor makers led gains in mainland China, as well as Hong Kong, Taiwan and South Korea, following news that the Chinese government launched the third phase of a 344 billion yuan ($344 billion) investment fund 47.5 billion) to encourage the sector.
The main Chinese stock index, the Shanghai Composite rose 1.14%, to 3,124.04 points, and the less comprehensive Shenzhen Composite advanced 0.75%, to 1,747.83 points. Elsewhere in Asia, the Hang Seng rose 1.17% in Hong Kong to 18,827.35 points, the Taiex rose 1.11% in Taiwan to 21,803.77 points and South Korea’s Kospi rose 1 .32% in Seoul, at 2,722.99 points.
Optimism in the semiconductor area also comes after Nvidia’s strong performance, which boosted the shares of the American chipmaker – which is now among the “Magnificent 7” in the US technology sector – in the last two trading sessions in New York.
The Japanese Nikkei was also in the black today, up 0.66%, at 38,900.02 points. Financial stocks rose in Tokyo after yields on the 10-year Japanese government bond (JGB) renewed at a 12-year high.
Risk appetite in Asia was also driven by positive data from China. In April, the profit of large Chinese industrial companies grew 4% year-on-year, reversing a 3.5% drop in the previous month.
In Oceania, the Australian stock market ended the session on a high, thanks to shares in banks, gold miners and consumer-oriented companies. The S&P/ASX 200 advanced 0.79% in Sydney, to 7,788.30 points.
Contact: [email protected]
*With information from Dow Jones Newswires
#Asian #stocks #close #broadly #higher #driven #chip #stocks