Asian markets rose on Monday, led by Chinese and Hong Kong shares, after the president of the Federal Reserve, Powell in his long-awaited annual speech in Jackson Hole, signaled that the Central Bank could start mitigating monetary policy next month.
The Hong Kong Hang Seng Index increased by 2.11% and approached the four-year-old peak. The winnings led by the Chinese real estate developing by 8.21%, which jumped by 6.01% and received 5.94%.
The technological sector was among the key contributors to grow HSI. The Hang Seng Tech index increased by 3.11%, with strong movements in NIO, which received 14.73%, and the Semicard and Electronics manufacturer asMPT, which added 6.74%.
The Chinese CSI 300 index extends the growth of the fourth session in a row, climb by 1.39% and reaching a 37-month maximum earlier during the day.
“It is a popular opinion that time deposits could be transferred to shares and maintain momentum, given that the interest rates on deposits have significantly fallen,” Goldman Sachs analysts were written in the Sunday note. “Some also see a potential inflow if the FED’s interest rate reduction roots in the Cinema and emphasize the bond rotation in shares as a key driver of recent stock market profits.”
Powerful gains were also recorded in Taiwan Index TaEx, which increased by 2.47%.
In South Korea, the Kospa Index increased by 1.14%, while the basket with a small market capitalization increased by 1.92%, seebiz.
In Japan, the reference value of Nikkei 225 increased by 0.27%, while the spread index of Topix increased by 0.1%.
The Australian S & P / ASX 200 reference index increased by 0.22%, once before trading crossed the 9000 threshold.
In India, the NIFTY 50 reference index rose by 0.35%, while the BSE SENSEX index increased by 0.23%.
