Asian shares continued their upward climb on Friday, buoyed by the global surge in equities that has propelled markets to record highs in the US, Europe, and Japan. While mainland Chinese stocks experienced fluctuations, Hong Kong’s Hang Seng Index saw a mix of gains and losses. Australian and South Korean equities both made advances, with Japanese markets closed for a public holiday.
The positive momentum was driven by gains in the US, where both the S&P 500 and Nasdaq 100 indexes closed at new all-time highs. Nvidia Corp., the leading chipmaker, saw its stock surge by 16%, fueled by growing demand for artificial intelligence infrastructure. This boost in Nvidia’s market capitalization was the largest single-day increase in value ever recorded, exceeding even recent gains made by Meta Platforms Inc.
The optimism in the markets is also reflected in the Hang Seng Mainland Properties Index, which has seen four consecutive days of gains amidst signs of improvement in China’s property sector. Meanwhile, China reported a slower decline in home prices for both new and existing units in January, signaling a potential turnaround.
However, concerns about China’s economic slowdown persist, as data revealed an increase in foreclosed properties for sale in the country. Despite these challenges, investors remain optimistic about the prospects for continued growth, especially in the tech sector.
Overall, the market outlook remains positive, with investors closely monitoring developments in China and the US. While challenges persist, particularly in the property market and the broader economy, the strong performance of equities globally suggests a bullish sentiment among investors.
As the markets continue to evolve, it will be essential for investors to stay informed and make strategic decisions based on the latest data and trends. The ongoing rally in equities underscores the resilience of the global economy and the potential for further growth in the coming months.
