Asian markets moved upward after the Dow Jones Industrial Average breached the 40,000 mark for the first time on Friday.
Gold reached a new high and oil prices increased slightly as investors turned their attention to the Middle East. This followed an incident where a helicopter carrying Iranian President Ebrahim Raisi and other officials crashed overnight in the mountainous northwest of Iran.
China’s markets continued to rise from last week’s momentum after the central bank introduced new measures to support the real estate sector. These included reducing the required down payments for housing loans, lowering mortgage interest rates for first and second home purchases, and eliminating a mortgage rate floor.
The Hang Seng index in Hong Kong rose by 0.5% to 19,648.19, with its property index gaining 0.6% by midday. The Shanghai Composite index increased by 0.3% to 3,162.08.
China’s central bank maintained the one- and five-year loan prime rates at 3.45% and 3.95%, respectively, aligning with expectations. The one-year rate is the benchmark for most new and outstanding loans in China, while the five-year rate influences property mortgage pricing.
In Tokyo, the Nikkei 225 index climbed 1.4% to 39,346.92. Australia’s S&P/ASX 200 advanced by 0.6% to 7,862.70, and the Kospi in Korea increased by 0.6% to 2,741.55.
Elsewhere, Taiwan’s Taiex rose slightly by 0.1% following the inauguration of Lai Ching-te as Taiwan’s new president. Lai is expected to maintain the island’s de facto independence from China and strengthen its defenses against Beijing, which views Taiwan as part of its territory.
In Bangkok, the SET index was up by 0.3%.
