Asian equities saw positive movements following Fed Chair Powell's testimony. South Korea performed well, while India observed the Mahabharat festival. Mainland China and Hong Kong experienced gains, with technology sectors leading the way. In Mainland China, the Ministry of Industry and Information Technology emphasized the importance of advancing 5G and computing infrastructure. Healthcare also saw an uptick in both Mainland China and Hong Kong, with a focus on addressing the aging population.
In Hong Kong, top-traded stocks included Tencent, CNOOC, Alibaba, Meituan, and Bank of China. Mainland investors showed interest in Hong Kong-listed stocks and ETFs. Meanwhile, Mainland China reported high volumes of net buying through Northbound Stock Connect.
The day also saw discussions on market regulations and foreign company operations in China. The US-China relationship was highlighted in various contexts, including the impact of tariffs on US manufacturers and the TikTok ban.
Financial news outlets reported on PDD, raising concerns about the company's practices. However, there were contrasting views on PDD's performance and regulatory compliance.
In Hong Kong, the Hang Seng and Hang Seng Tech indexes showed positive movements, with Technology and Healthcare sectors leading the gains. Shanghai, Shenzhen, and the STAR Board in Mainland China also saw increases, with Technology and Communication Services sectors performing well.
Overall, the Asian markets displayed resilience and active trading, influenced by a mix of domestic policies, international relations, and market dynamics.
