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In Asia, the stock markets exhibited a mixed trend, with China showing gains after a government investment fund announced plans to increase stock purchases.
On Monday, both the Shanghai and Shenzhen benchmarks fluctuated between marginal gains and significant losses, while shares of state-run banks and major companies experienced an increase in prices. I Photo: Stang_wm Wikimedia Commons
However, the gains in Chinese markets were tempered compared to recent losses, as reported by Stan Choe reported for the Associated Press (AP).
China's Central Huijin Investment, a sovereign fund with holdings in state-run banks and other government-controlled enterprises, pledged to escalate its purchases of stock index funds to support the markets amid pressures from a property crisis and economic slowdown.
This move by the fund aims to counteract heavy selling pressure in Chinese markets, particularly in large state-owned banks and companies.
On Monday, both the Shanghai and Shenzhen benchmarks fluctuated between marginal gains and significant losses, while shares of state-run banks and major companies experienced an increase in prices.
By midday Tuesday, Hong Kong's Hang Seng index surged by 3.3% to 16,026.94, driven by gains in technology shares, including e-commerce giant Alibaba, up by 7.4%, and JD.com, which rose by 6.3%.
The Shanghai Composite Index also saw an uptick of 2.5% to reach 2,770.83.
However, in other parts of Asia, Tokyo's Nikkei 225 index declined by 0.3% to 36,244.27, and South Korea's Kospi lost 0.7% to 2,570.85. Australia's S&P/ASX 200 fell by 0.6% to 7,578.90. Meanwhile, in Bangkok, the SET index gained 1%, and India's Sensex edged 0.2% higher.
On Wall Street, stocks retreated on Monday following strong economic data, potentially delaying anticipated interest rate cuts.
The S&P 500 dropped by 0.3% to 4,942.81 from its previous all-time high. The Dow Jones Industrial Average also fell by 0.7% to 38,380.12, while the Nasdaq composite dipped by 0.2% to 15,597.68.
