Gains in Asia markets rose on Wednesday, with Hong Kong leading regional gains.
The Hang Seng Index in Hong Kong jumped 2.24% to close at 22,014.59 as Chinese tech stocks listed in the city soared: Alibaba rose 10.12%, while Tencent rose 6.47% and NetEase gained 5.66%.
The Shanghai Composite in mainland China closed up 0.68% at 3,263.79 while the Shenzhen Component rose 0.818% to 12,033.26.
RBI announces rate hike
The Reserve Bank of India raised a key interest rate on Wednesday.
The RBI will increase the policy repo rate by 50 basis points to 4.9% effective immediately, Governor Shaktikanta Das said. The repo rate refers to the rate at which the central bank lends to commercial banks. Economists in a Reuters poll had forecast a rate hike of between 25 and 75 basis points.
“It is worth noting in this context that the repo rate still remains below its pre-pandemic level,” the Indian central bank chief said.
Stocks in Asia-Pacific rose on Wednesday, with Hong Kong leading regional gains.
The Hang Seng Index in Hong Kong jumped 2.24% to close at 22,014.59 as Chinese tech stocks listed in the city soared: Alibaba rose 10.12%, while Tencent rose 6.47% and NetEase gained 5.66%.
The Shanghai Composite in mainland China closed up 0.68% at 3,263.79 while the Shenzhen Component rose 0.818% to 12,033.26.
RBI announces rate hike
The Reserve Bank of India raised a key interest rate on Wednesday.
The RBI will increase the policy repo rate by 50 basis points to 4.9% effective immediately, Governor Shaktikanta Das said. The repo rate refers to the rate at which the central bank lends to commercial banks. Economists in a Reuters poll had forecast a rate hike of between 25 and 75 basis points.
“It is worth noting in this context that the repo rate still remains below its pre-pandemic level,” the Indian central bank chief said.
Elsewhere, Japan’s Nikkei 225 rose 1.04% to close at 28,234.29 while the Topix index rose 1.18% to 1,969.98.
Japan’s economy contracted an annualized 0.5% in the first quarter, revised government data showed on Wednesday, an improvement on the initial estimate of a 1% contraction.