Hong Kong Stocks Finish the Day 5% Higher With the Greatest Daily Gain Since May 2009

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Last Updated on November 1, 2022 by Bitfinsider

Hong Kong stocks led gains in the Asia-Pacific session after closing the month of October with a loss of more than 14%, hovering near their lowest levels since April 2009.

The Hang Seng index in Hong Kong increased by 5.23 percent to 15,455.27, with the Hang Seng Tech index increasing by 7.8 percent, following unsubstantiated rumors of reopened negotiations in China. Shanghai Composite rose 2.62 percent to 2,969.20 and Shenzhen Component rose 3.24 percent to 10,734.25 after the Caixin manufacturing PMI for the country came in at 49.2, which was slightly better than anticipated.

In accordance with forecasts, the Reserve Bank of Australia increased interest rates by 25 basis points for the second consecutive time. The S&P/ASX 200 increased 1.65%, reaching 6,976.90.

The Nikkei 225 in Japan increased 0.33 percent to 27,678.92 and the Topix increased 0.47 percent to 1,938.50.

The South Korean Kospi index increased 1.80% to 2,335.22. MCSI’s broadest index of Asia-Pacific stocks excluding Japan rose by 2.74 percent.

The Dow scored its best month since 1976, and all the major averages closed the month in positive territory following two consecutive months of losses.

The Federal Reserve’s meeting begins on Tuesday in the United States, where traders estimate a 75 basis point increase in interest rates this week.

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