The Asian stocks rose higher Monday on the back of China’s policy. The stocks followed the gains of US markets as well as market participants await economic data.
China kept its one- and five-year loan prime rates steady at 3.45% and 3.95%, respectively, to boost its property market. The five-year loan prime rate is the benchmark lending rate in China.
Stocks in Asia
Japan’s Nikkei outperformed the other Asia indices and rose 560 points or 1.44% to 39,347 during the morning trading hours. Hong Kong’s Hang Seng index advanced 0.34% at 19,620. Korean index Kospi rose 0.67% at 2,742.77. The Asia Dow was up 0.67% at 3,495.83. The Chinese index, the Shanghai Composite was quoting 0.50% higher at 3,169.80. Indian stock markets are closed due to general elections.
Data awaited
Investors will be waiting for Japanese inflation and business activity data this week. Further, market participants will watch out for April inflation data and Q1 figures of Singapore’s GDP.
That said, on Friday, the Dow Jones Industrial Average closed above the 40,000 level for the first time, which it touched during Thursday’s trading session. The S&P 500 closed 0.1% higher, while the Nasdaq Composite fell 0.1% on Friday.