Asian Shares Rise On China Growth Optimism

asian mixed2 22dec22 lt

Asian stocks rose broadly on Thursday after major U.S. indexes closed higher for the second consecutive day overnight. Sentiment was further underpinned after China said it would implement policies to support growth in 2023.

"Making good efforts will help stabilize growth next year. We should seize the time window and pay close attention to the implementation of policies," state media quoted the cabinet as saying after a regular meeting.

China's Shanghai Composite Index closed 0.5 percent lower at 3,054.43, giving up early gains. Hong Kong's Hang Seng index rallied 2.7 percent to 19,679.22, led by property developers and technology stocks.

Japanese shares eked out modest gains as bond yields calmed down and the yen showed signs of stabilizing following its biggest jump in 24 years.

The Nikkei 225 Index rose 0.5 percent to 26,507.87, while the broader Topix ended 0.8 percent higher at 1,908.17. Automakers Honda, Toyota and Nissan all climbed around 2 percent.

Toshiba surged 4.3 percent after reports that its preferred bidder, Japan Industrial Partners, is set to seal a $10.6 billion loan this week.

Seoul stocks rallied despite concerns over a looming global recession. The Kospi jumped 1.2 percent to settle at 2,356.73, snapping a five-day losing streak. LG Chem, Hyundai Motor, SK Hynix and Samsung Electronics gained 1-2 percent.

Australian stocks advanced, led by gains in financial and technology stocks. The benchmark S&P/ASX 200 Index climbed 0.5 percent to close at 7,152.50, while the broader All Ordinaries Index ended 0.6 percent higher at 7,335.20.

Kogan.com jumped 2.5 percent after it agreed to buy online furniture retailer Brosa out of administration in a low-cost move.

Readytech Holdings plunged almost 11 percent as private equity group Pacific Equity Partners pulled out of a proposed $514 million takeover of the software company.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 Index ended 0.6 percent higher at 11,523.96 - marking its best session since December 13.

U.S. stocks rose for a second straight session overnight on the back of upbeat consumer confidence data and solid earnings from corporate giants Nike and FedEx.

The Dow surged 1.6 percent, while the S&P 500 and the Nasdaq Composite climbed around 1.5 percent each.

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