Nikkei up on chip-related heavyweights, China stocks rise despite property sector worries

From Asia Financial: 2024-03-29 07:03:45

Asia’s stock markets closed the week on a muted note as investors awaited key US inflation data. The Nikkei share average in Japan ended higher, supported by chip-related heavyweights. The Japanese yen fell to a 34-year low against the dollar, prompting concerns of intervention. China stocks rose despite property sector worries.

Oil prices remained elevated this week, potentially impacting disinflation in Asia. Crude oil prices averaged $85.4 a barrel, driven by OPEC+ production cuts. Central banks in the Philippines, South Korea, and Thailand are set to announce inflation data next week. Market focus will be on China’s PMI data and the Reserve Bank of India’s policy decision.

Key figures: Tokyo’s Nikkei 225 was up 0.50% at 40,369.44, while Hong Kong’s Hang Seng Index was closed. The Shanghai Composite rose 1.01% to 3,041.17. London’s FTSE 100 was closed, and New York’s Dow was up 0.12% at 39,807.37. Markets in several countries were closed for the Easter holiday weekend.



Read more at Asia Financial: Nikkei Boosted by Big Tech, Policy Hopes Lift China Stocks