Asian stocks ended mostly higher on Thursday, buoyed by gains in chipmaking and technology shares amid renewed optimism around artificial intelligence.
Dovish signals from the US Federal Reserve’s September meeting further bolstered sentiment, raising expectations of additional rate cuts ahead of Chair Jerome Powell’s address later in the day.
China, Hong Kong stocks rebound
Chinese markets rallied as trading resumed following the National Day holidays, with investors showing renewed enthusiasm for technology and artificial intelligence plays.
The benchmark Shanghai Composite Index rose 1.32 percent to 3,933.97, while the CSI 300 Index gained 1.5 percent.
The recovery in equities helped offset concerns about weak consumer spending during the eight-day holiday period.
In Hong Kong, however, sentiment remained mixed. The Hang Seng Index slipped 0.3 percent to 26,752.59 after fluctuating throughout the session, having earlier fallen as much as 1.3 percent.
The Hang Seng Tech Index shed 0.7 percent as investors remained cautious ahead of a key Communist Party meeting later this month that is expected to outline China’s next five-year economic plan.
Among notable movers, HSBC Holdings slid 6 percent to HK$104 after proposing to privatise its Hong Kong-listed subsidiary Hang Seng Bank.
In contrast, Hang Seng Bank’s shares surged 26 percent to HK$149.80 following HSBC’s HK$155-per-share offer, which represented a 30.3 percent premium to its previous close.
The stock had earlier jumped as much as 41 percent in early trading.
Chipmaker Semiconductor Manufacturing International Corp. (SMIC) declined 6.7 percent to HK$83.50, while Alibaba Group Holding fell 2.4 percent to HK$173.30 amid ongoing concerns about consumer demand and regulatory uncertainty.
Japan’s Nikkei surges to record highs
Japanese equities outperformed the region, with the Nikkei 225 Index soaring 1.77 percent to a record 48,580.44 as the yen stabilized after hitting its weakest level against the dollar since February.
The broader Topix Index added 0.68 percent to 3,257.77.
Technology stocks led the advance, with investor enthusiasm around robotics and artificial intelligence lifting major names.
SoftBank Group jumped 11.4 percent after announcing a deal to acquire the robotics division of Swiss engineering firm ABB.
Other regional markets
Elsewhere in the region, Australian shares snapped a three-day losing streak.
The benchmark S&P/ASX 200 rose 0.25 percent to 8,969.80, supported by gains in mining and rare earth stocks amid stronger metals prices.
The broader All Ordinaries Index advanced 0.34 percent to 9,276.60.
Technology names tracked US peers higher, though analysts continued to caution about overheating in the artificial intelligence sector.
South Korean markets remained closed for a public holiday.
Indian equity benchmarks ended higher on Wednesday, with the Nifty closing just below the 25,200 mark.
At the close, the Sensex rose 398.44 points, or 0.49%, to 82,172.10, while the Nifty gained 135.65 points, or 0.54%, to 25,181.80.
Sectorally, pharma, oil & gas, realty, metal, PSU bank, and IT stocks added between 0.5% and 1%.
The BSE Midcap index climbed 0.75%, while the Smallcap index ended flat.
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