Asian shares advance on back of Wall Street gains
Shares are higher in Asia after an advance on Wall Street led by the latest rally in technology companies
BANGKOK (AP) — Shares rose in Asia on Friday after an advance on Wall Street led by the latest rally in technology companies.
Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past several years.
The relaxation of some of the country’s “zero-COVID” rules is also boosting hopes for the economy will gain momentum, though experts say it will take months for tourism and other business to recover from the disruptions of the pandemic.
“Asian stocks are a bit higher, but full-out exuberance has been tempered by rising COVID cases and skepticism of the force of reopening economic tailwind that the current level of Asian risk assets implies," Stephen Innes of SPI Asset Management said in a commentary.
