Wall Street

Chinese Stocks Lead the Rally in Asia Pacific

After the publication of excellent economic data in China, Chinese stocks lead the rally in the market

Chinese stocks recorded the best performance in mixed trading in Asia and the Pacific after the release of Chinese economic data that exceeded analysts’ expectations.

The Shanghai Composite Index in China rose 0.5% to close at 3,305.41 points, while the Shenzhen Composite Index jumped 0.948% to 12,137.76 points, and the Hang Seng Index in Hong Kong witnessed gains of 1.14% to close at 21,308.21 points, supported by the rise in Alibaba shares by 4.35 %. To read more [Hang Seng Index Rises 3% as Alibaba Shares Rise].

But on the other hand, Prada shares in Hong Kong fell 1.5% after a survey revealed by Oliver Wyman that the luxury brand company will reduce its business outlook in China for this year due to the quarantine and the recent closure in the country due to Covid.

Chinese industrial output witnessed a boost of about 0.7% in May compared to last year, according to official published data, to offset the 2.9% decline it suffered in April, as the index reading in May was much better than analysts’ expectations, which was a decline of 0.7%, and at the same time. In May, retail sales fell 6.7% year-on-year, beating analysts’ expectations for a 7.1% decline.

On the opposite side of Asia, the Japanese Nikkei 225 index declined by 1.14% during the day to 26,326.16 points, while the Topix index recorded a decline of 1.2% to 1,855.93 points, while in South Korea, the Korean Kospi index fell by 1.83% to 2,447.38 points, and tumbled The Australian S&P/ASX 200 index rose 1.27% to close at 6,601 points. As for the MSCI index, which is specialized in tracking the shares of the Asia-Pacific region as a whole, excluding Japan, it recorded a decline of 0.1%.

Oil prices rose slightly during the afternoon trading in Asia, with Brent crude futures rising 0.16% to $121.36 per barrel and US crude futures rising 0.08% to $119.02 per barrel.

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