(RTTNews) – Asian stocks rallied on Thursday as investors digest the Fed’s plans to cut the stimulus program and fears of a business collapse in China faded after China Evergrande struck a deal with the continent’s bondholders. Despite concerns over whether the company would default on its coupons on a dollar bond on Thursday, most markets in the region traded in positive territory. Japanese markets were closed for local holidays.
The Shanghai Chinese Composite Index gained 0.38% on the day to close at 3,642.22 after struggling real estate giant China Evergrande said its top priority was to help private investors buy back their assets. products. Meanwhile, the PBoC injected liquidity worth 110 billion yuan which supported trade sentiment.
The GD Power Development Company power generation business topped the price rankings with a gain of 10.12%.
The Hong Kong Stock Exchange’s Hang Seng Index gained 289.44 points or 1.19% from the previous close to end at 24,510.98. The day’s high was 24,827.46 and the low was 24,614.14. China-based real estate firm Country Garden Services Holdings jumped 12.73 percent. Longfor Group Holdings construction and real estate services activities grew 9.70%. The Country Garden Holdings company engaged in the sale of properties also rose more than 7%.
China Evergrande group jumped 17.62% after reaching a deal with mainland bond investors.
Geely Automobile Holdings fell the most – 5.12%.
The Korean Stock Exchange’s Kospi Index fell 12.93 points or 0.41% to close at 3,127.58. Today’s trading range was between 3107.98 and 3131.63.
Pharmaceutical company PharmGen Science was the main winner with a 30% increase, followed closely by shipping company Heung-A Shipping Company which gained 29%.
Apparel and uniform maker Hyungji Elite fell more than 25%.
The Australian S & P / ASX200 closed at 7,370.20 after gaining 73.30 points or 1.00%. The index is currently 3.44% below its 52 week high of 7,632.80.
News Corporation, a media and information services company, also listed on the Nasdaq, gained 8.42% following the announcement of the share buyback. Whitehaven Coal jumped 7.24% as coal prices hit record highs. Corporate Travel Management Ltd. grew 6.55%.
Reliance Worldwide Corporation fell the most with a drop of 2.39%. Toll highway operator Transurban Group lost 1.27% as it progressed with its fundraising plans.
Gold mining companies Ramelius Resources, Northern Star Resources and St Barbara Ltd. fell significantly as gold prices eased with the Fed’s debt reduction announcements.
Meanwhile, the IHS Markit Australia PMI flash releases for September indicated that the manufacturing PMI rose to 57.3 from 52 the previous month, the services PMI rose to 44.9 from 42.9 in August and the Composite PMI fell from 43.3 to 46 in August.
The New Zealand Stock Exchange’s NZX50 gained 85.70 points or 0.65% to close at 13,305.92. At closing levels, the index was 2.48% below the 52 week high of 13,643.78.
Auckland-based unit trust Fonterra Shareholders Fund gained 5.26% amid news of the Australian IPO of Fonterra Co-operative Group and plans to limit non-farm investments in the listed Fonterra Shareholders Fund. stock exchange, aimed at protecting the property and control of farmers.
Rubber goods company Skellerup Holdings, retirement home supplier Ryman Healthcare and dairy and livestock company A2 Milk Company were up more than 3%.
Electric utility company Genesis Energy lost 2.05%.
Wall Street surged on Wednesday after the Fed’s eagerly awaited political announcements. The Nasdaq-100 rose 0.99% to close at 15,176.51, while the Dow Jones Industrial Average rose another 1.00% to close at 34,258.32. The FOMC earlier today announced a standstill on rates and moderation in asset purchases that would depend on progress towards employment and price stability targets.
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