JKB Financial Services Ltd.

As on : 10-Oct-2024

Market Commentary - Foreign Markets
10-Oct-2024 16:03

China Shanghai Composite index climbs 1.32%

Asian stocks advanced on Thursday, with Chinese and Hong Kong markets leading the surge on hopes that policymakers will announce more stimulus to revive growth at a press briefing by China's finance ministry on Saturday.

Also, a survey showed China's average daily home sales during the Golden Week holiday leapt 23 percent by floor area from the same period last year, spurring hopes of a property market recovery.

Oil and gold prices were higher in Asian trading while the dollar steadied ahead of key U.S. inflation readings due this week that could influence the Fed's interest-rate trajectory.

Shares in mainland China rebounded after posting their biggest decline in more than four years on Wednesday to snap a ten-day rally.

The benchmark Shanghai Composite index climbed 1.32 percent to 3,301.93 while Hong Kong's Hang Seng index jumped 2.98 percent to 21,251.98.

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