SINGAPORE – Asian stocks mostly rose on Thursday after the Federal Reserve maintained its accommodative monetary policies and signaled that the economic recovery was on track.
Chinese tech giants led the way, as authorities scrambled to allay fears over the enforcement of anti-monopoly and data security laws against the industry.
gained 0.7%, while the Kospi 180721,
in South Korea was slightly higher. The Hang Seng HSI,
in Hong Kong jumped 2.7%.
The Shanghai SHCOMP Composite Index,
rebounded 1% after three days of decline. the S & P / ASX 200 XJO from Sydney,
added 0.4%. Inventories won in Singapore STI,
and Indonesia JAKIDX,
Gaming and social media giant Tencent Holding Ltd. 700,
jumped 7.2% in Hong Kong. Internet search giant Baidu Inc. 9888,
was up 5.4% in the territory, while its Wall Street listed shares BIDU,
E-commerce giant Alibaba Group 9988,
Hong Kong stocks climbed 4.8%, reflecting an overnight gain of 5.3% on Wall Street.
Chinese internet stocks slipped earlier this week following reports that Beijing was considering restrictions on for-profit educational businesses.
The China Securities and Regulatory Commission meeting with leading investment bankers on Wednesday evening “seems to have calmed the most nervous,” said Venkateswaran Lavanya of Mizuho Bank.
“But that doesn’t end the wider Chinese regulatory risks. On the one hand, the allegations of a targeted crackdown on the $ 100 billion private tuition industry do not address, and certainly do not denounce, the ongoing regulatory tightening in the areas of technology and real estate, ”he said. she declared.
Meanwhile, the Fed said on Wednesday that “the economy has progressed” towards its targets of low unemployment and stable inflation.
The central bank, however, left its policy rate unchanged after a two-day policy meeting. It will also continue to buy $ 120 billion in treasury and mortgage bonds each month until more progress is made.
“The Fed has maintained its accommodative monetary policies in the short term. While discussions on the reduction plans are underway, markets can be relieved that no reduction schedule has been set, ”said Yeap Jun Rong, market strategist at IG in Singapore.
On Wall Street, the benchmark S&P 500 SPX,
changed little at 4,400.64. The Dow Jones Industrial Average DJIA,
lost 0.4% to 34,930.93. The Nasdaq COMP,
added 0.7% to 14,762.58.
On the energy markets, the American benchmark CLU21 crude,
rose 31 cents to $ 72.70 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude BRNU21,
the basis of international oil prices, added 33 cents to $ 75.07.
Le dollar USDJPY,
slipped to 109.80 yen from 109.91 yen on Thursday.