Asian stock markets mostly rose today, buoyed by better-than-expected manufacturing PMI data from China and strong overnight performance of US technology stocks. Regional investor sentiment was largely optimistic, anticipating continued global economic recovery and strong corporate earnings. This positive trend supported local markets.
Asian stock markets largely trended upwards today, primarily driven by two key positive factors: better-than-expected manufacturing Purchasing Managers' Index (PMI) data from China, signaling a healthy recovery in the Chinese economy; and the strong overnight performance of US technology stocks, with the Nasdaq index hitting new highs, boosting global risk appetite. Hong Kong's Hang Seng Index rose 1.2%, while Singapore's Straits Times Index gained 0.8%. Investor confidence in the global economic growth outlook has strengthened, particularly optimism surrounding Artificial Intelligence (AI)-related industries, leading to gains in technology and export-oriented stocks. Despite lingering geopolitical tensions and inflation concerns, the short-term market focus remains on positive corporate earnings and economic recovery signals. The Malaysian stock market also benefited from this trend, with the KLCI index rising 0.5% today.
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