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Foreign exchange dealers monitor exchange rates in the trading room of KEB Hana Bank in Seoul on March 13, 2017. South Korean stocks rose 0.97% on March 13 following the Constitutional Court’s decision to impeach former President Park Geun-hye over a large-scale corruption scandal. . The benchmark KOSPI rose 20.24 points to close at 2,117.59 points. / AFP PHOTO / JUNG Yeon-Je (Photo credit goes to JUNG YEON-JE/AFP/Getty Images)
Jung Young Jae | AFP | Getty Images
Chinese and Hong Kong stocks led gains in Asia-Pacific markets on Thursday after the People’s Bank of China announced it would cut reserve requirements for the country’s lenders. Real estate stocks also jumped on the central bank’s policies leading to increased liquidity available to developers.
The central bank announced it would reduce the amount of money banks need to hold in reserves early next month in a bid to shore up the struggling economy.
The reserve requirement for banks will be lowered by 50 basis points starting February 5, which will provide 1 trillion yuan ($139.8 billion) of long-term capital, according to PBOC Governor Pan Gongsheng.
The People’s Bank of China and the Ministry of Finance announced in a joint statement late Wednesday that these new measures will remain in effect until the end of 2024. This measure is expected to ease the lingering cash shortage for real estate developers.
Hong Kong’s Hang Seng index rose 1.8% and China’s CSI300 index ended 2% higher at 3,342.92.
The CSI Property Index rose 5.2%, while Hong Kong’s Hang Seng Mainland Property Index rose 3.9%.
Shares of EV makers fell, with Nio down 4.7%, Li Auto down 1.6% and BYD down 1%. LG Display led the decline in Tesla suppliers, down 3%.
tesla It warned that car sales growth in 2024 “may be significantly lower” than last year.
China’s Shenzhen Composite Index rose 2% to end at 8,856.22.
South Korea’s gross domestic product (GDP) in the fourth quarter increased by 2.2% year-on-year and 0.6% from the previous quarter, compared to the Reuters survey’s forecast (2.1% increase and 0.5% increase, respectively) exceeded.
However, shares in Asia-Pacific electric vehicle makers and Tesla suppliers fell after the U.S. automaker warned of tough sales growth.
Japanese Nikkei Stock Average It closed flat at 36,236.47, while the overall TOPIX rose 0.11% to 2,531.92. Kospi The small-cap Kosdaq fell 1.49% to close at 823.74, flat at 2,470.34.
In Australia, S&P/ASX 200 It closed 0.48% higher at 7,555.40.
One night in America S&P500 Stocks rose on Wednesday as Netflix led a broad rally among technology names, pushing the broader market to new heights. Netflix stock soared more than 10% after the company announced that its total subscriber count hit a record high of 260.8 million.
The comprehensive index increased by 0.08%, setting a new high on a closing price basis.of Nasdaq Composite The index rose 0.36%, supported by gains in tech stocks. This was the fifth consecutive day of wins for both indexes.
in contrast, Dow Jones Industrial Average The stock fell 0.26% to 37,806.39 a day after the earnings release, dragged down by Verizon and 3M.
— CNBC’s Sarah Min and Alex Harring contributed to this report
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