ASIA-PAC EQUITY UPDATE: Asia stocks gained and Chinese stocks surged after State Council pledges

Analysis details (06:18)

Asia-Pac equity markets traded higher with the region taking impetus from the gains in the US where the major indices finished at session highs amid a rally in growth stocks as oil prices retreated below USD 100/bbl, while a pledge by China to keep stock markets stable magnified gains in the latter part of trade. ASX 200 (+1.1%) gained with all sectors in the green and the index led by tech following the duration bias seen stateside. Nikkei 225 (+1.6%) was underpinned amid expectations for Japanese PM Kishida to order the compilation of additional stimulus and with Japan planning to raise the cap on foreign visitor arrivals from next month, as well as widen local initiatives to boost tourism. Hang Seng (+7.8%) and Shanghai Comp. (+3.3%) were positive amid a rebound from the tech rout and with local press suggesting the continued possibility of a rate cut, while a pledge by China’s State Council to keep stock markets stable and take measures to boost the economy fuelled the rally. Furthermore, Chinese Vice Premier Liu He pledged to continue support for overseas share listings and said talks between China and US regulators regarding Chinese-listed companies in US have made positive progress.

16 Mar 2022 - 06:17- EnergyResearch Sheet- Source: Newsquawk