Asia close: Stocks rise, Chinese third plenum and geopolitics in focus

11th Jul 2024 08:48

(Sharecast News) - Shares were higher across most of the Asia-Pacific region, albeit sometimes with a helping hand from authorities.

Japan's Nikkei-225 ended the session up by 0.94% to 42,224.02, alongside a 1.06% rise for the Shanghai Stock Exchange's composite index to 2,970.39.

The day before, China's Securities Regulatory Commission had approved an increase in margin requirements for short-sellers, starting from 22 July.

But already from 11 July, China Securities Finance Corp., the largest provider of stocks on loan would temporarily stop providing such loans to brokerages.

The day before the benchmark CSI Index had fallen for a sixth session out of the last seven on the back of a weaker-than-expected reading on consumer prices.

Hong Kong's Hang Seng fared even better, jumping 2.18% to 380.97, whilst Taiwan's Taiex added 1.6% to 24,390.03.

Shares in Australia and New Zealand both advanced, but those in India fell a little.

In the background, investors were waiting on the results of the Chinese Communist Party's third plenum of 15-18 July.

Analysts however thought it unlikely that Beijing would announce new stimulus measures.

On the geopolitical side of things, the night before NATO had labelled China as a "decisive enabler" of Russia's war on Ukraine.