Asian stocks rise, China stimulus in focus

Broader Asian stocks gained, with tech-heavy bourses continuing to lead gains on a rebound in the sector

Most Asian stocks gained on Thursday as investors bought back into technology shares.

Chinese shares were buoyed by bets on more stimulus measures from Beijing, amid renewed concerns over a property market crisis in the country. But losses in property stocks, especially China Vanke, limited overall gains in Chinese bourses.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes increased marginally on Thursday, while Hong Kong’s Hang Seng advanced 0.4%.

Mainland markets were buoyed by some strength in technology and industrial stocks. But losses in property shares limited overall gains, amid renewed concerns over a debt crisis in the real estate sector.

Property market ructions come after a slew of middling readings on the Chinese economy in recent months. This in turn added to bets that Beijing will unlock more stimulus to help support the economy.

Reports last week said China was considering more stimulus for the property market, amid an at least four-year downturn in the sector. Beijing was also seen considering more consumer subsidies and other measures to boost spending.

Broader Asian stocks gained, with tech-heavy bourses continuing to lead gains on a rebound in the sector.

KOSPI was a top performer, gaining 1.3% after the Bank of Korea left interest rates unchanged. But the decision was far from unanimous, with BOK policymakers split over cutting rates further.

Nikkei 225 index rose 1.3%, while the TOPIX increased 0.5%, also taking support from tech shares.

Tech conglomerate SoftBank Group Corp. climbed 3.6%, extending a rebound from more than two-month lows hit earlier this week.

ASX 200 index was flat, lagging its peers amid persistent concerns that the Reserve Bank of Australia will not cut interest rates further. Concerns grew following stronger-than-expected inflation data for October.