Shanghai Shenzhen CSI 300 and Shanghai Composite indexes added 0.4% and 0.6%, respectively, Hang Seng index advanced 0.6%, ASX 200 gained 0.9% and KOSPI added 0.7%
Most Asian stocks gained on Friday, tracking strength in Wall Street after the Fed cut interest rates as expected, while anticipation of more fiscal stimulus in China also buoyed markets.
Regional markets took positive cues from a record-high close on the S&P 500 and the NASDAQ Composite, as markets were encouraged by the Federal Reserve hinting that it did plan to cut interest rates further, amid progress in bringing down inflation.
Shanghai Shenzhen CSI 300 and Shanghai Composite indexes added 0.4% and 0.6%, respectively, while Hang Seng index advanced 0.6%.
Mainland Chinese stock indexes were the best performers this week despite concerns over a Trump presidency. The CSI 300 and the SSEC were up nearly 7% each this week.
Focus was squarely on a meeting of the Standing Committee of the National People’s Congress (NPC), which is set to conclude later on Friday. The NPC is widely expected to outline plans for more fiscal spending.
Analysts expect at least 10 trillion yuan ($1.6 trillion) in additional spending over the coming years, as Beijing struggles to shore up slowing economic growth.
Beijing had outlined a slew of monetary and fiscal measures over the past month, aimed at supporting the economy. But a lack of clear details on the scale and timing had left markets wanting.
Most Asian markets rose on Friday, and were set for weekly gains.
Nikkei 225 and TOPIX indexes were muted on Friday, but were up almost 4% each this week. Japanese stocks soared as the yen weakened sharply against the dollar, although it found some stability on Friday after the Fed’s rate cut.
ASX 200 gained 0.9% and was close to a record high. The index was also set to gain 2.3% this week, amid some positive earnings.
KOSPI added 0.7% and was set to rise 1.7% this week, as technology stocks gained.
