Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Asian Shares Advance on Back of Wall Street Gains

Fri 09 Dec 2022 | 11:04 AM
By Ahmad El-Assasy

Following a gain on Wall Street, driven by the most recent rise in technology companies, shares increased in Asia on Friday.

On news that the government is preparing additional steps to help the struggling real estate market, which has been a drag on GDP for several years, Chinese benchmarks increased.

Though analysts predict it will take months for tourism and other industries to recover from the pandemic's disruptions, the loosening of some of the nation's "zero-COVID" regulations is fueling expectations that the economy will pick up steam.

"Asian stocks are a bit higher, but full-out exuberance has been tempered by rising COVIDcases and skepticism of the force of reopening economic tailwind that the current level of Asian risk assets implies," Stephen Innes of SPI Asset Management said in a commentary.

While international experts have been warning that China's containment strategy, which aimed to isolate each case, was unsustainable, they have also cautioned that the government will now confront a difficult first wave as the laxened regulations will undoubtedly fuel an increase in instances.

The Hang Seng index for Hong Kong increased 1.5% to 19,726.07. To 3,203.57, the Shanghai Composite index increased by 0.2%.

The Kospi in Seoul increased 0.4% to 2,380.87, while the Nikkei 225 index in Tokyo increased 1.3% to 27,924.81. The S&P/ASX 200 index for Australia increased 0.5% to 7,211.60.