Hong Kong's Hang Seng index soars 7% as tech property stocks increase; Japan's Nikkei up more than 3%

March 18, 2022: -Shares in Asia-Pacific increased in Thursday trade as the Chinese markets continued to extend gains from a rebound, while the U.S. Federal Reserve announced its first rate hike in over three years. Hong Kong’s Hang Seng index led gains among the major markets of the region, increasing 7.04% to close at 21,501.23 and erasing heavy losses earlier in the week.

On Wednesday, the benchmark index experienced its best day since October 2008 as it rocketed 9%.

The Hang Seng Tech index soared 7.76% to 4,572.79, with Tencent up 6.27%, Alibaba increasing 12.46%, and JD.com increasing 15.85%.

Mainland Chinese stocks are done with the trading day higher, with the Shanghai composite up 1.4% to 3,215.04 while the Shenzhen component is gaining 2.408% to 12,289.97.

On Wednesday, China markets are bouncing after a Chinese state media report signaled support for Chinese stocks. The report said regulators from countries are working toward a cooperation plan on U.S.-listed Chinese stocks.

 U.S.-listed Chinese stocks followed suit.

It said authorities would work toward stability in the struggling real estate sector. China’s Ministry of Finance also announced no plans to expand a test of property tax this year.

On Thursday, Chinese real estate stocks in Hong Kong soared, with Country Garden up 28.41%, Sunac rocketing 59.03%, and China Evergrande Group went up to 17.83%. The Hang Seng Properties index surged 9.46% to 29,555.58.

Other Asia-Pacific markets are also increasing on Thursday. The Nikkei 225 in Japan is closing 3.46% higher at 26,652.89 while the Topix index climbed 2.47% to 1,899.01.

South Korea’s Kospi is finishing the trading day 1.33% higher at 2,694.51. Over in Australia, the S&P/ASX 200 advanced 1.05% to close at 7,250.80.

MSCI’s broadest index of Asia-Pacific shares outside Japan is increasing 3.98%.

Oil prices surged in the afternoon of Asia trading hours, with international benchmark Brent crude futures increasing 3.78% to $101.73 per barrel. U.S. crude futures increased 3.52% to $98.39 per barrel.