Asian stocks rise
Stocks in Asia started rising as the result of the Hong Kong leader withdrawing the controversial extradition bill. Most importantly, Hang Seng index soared on Wednesday. Right after the news of extradition bill being lifted, Hong Kong stocks went up about 4% on that day.
After the Hang Seng index rose, the Chinese stock started ascending on Thursday. The Hong Kong shares were up 0.38%, the Shanghai composite added 1.56%, whereas the Shenzhen component and Shenzhen composite jumped 1.59% and 1.57% respectively.
The Nikkei 225 in Japan climbed 2.18%, and the Topix gained 1.79%. In South Korea, the Kospi surged 1.14% whereas Australia’s S&P/ASX 200 rose 0.67% as the majority of the sectors were soaring. Apart from that, the MSCI Asia ex-Japan index gained almost 1%.
According to CNBC, Michael Yoshikami, founder and CEO of Destination Wealth Management, told their (CNBC) “Squawk Box” on Thursday that the “damage has been done.” He further said, “while I think this certainly appears to be a positive step forward toward some sort of resolution, I think the impact is going to be felt in Hong Kong,” he said. “I think that is going to be something that we’re going to be dealing with for a significant period of time, months, for sure.”
(Reference: CNBC, Markets Insider)
(Image source: Representative image)