China and Hong Kong stocks gained ground Wednesday as video-game shares surged, while Australia stocks hit a near two-year high, as more markets resumed trading after a Christmas break.
China’s CSI 300 index added 0.40% by afternoon trading as shares of video-game companies rebounded after declining in the previous session.
Chinese online gaming stocks rose in Hong Kong trading after Beijing’s top gaming regulator said it would “carefully study” the concerns of all stakeholders on draft rules aimed at curbing excessive gaming and spending.
Hong Kong’s Hang Seng index rose 1.7%. This is the first trading day of the week for Hong Kong markets.
Australia’s S&P/ASX 200 index ended 0.79% higher at 7,561.20. The index hit its highest level since late April 2022, as trading resumed for the week. It is eying yearly gains of over 7%.
Aussie stocks have been buoyed by hopes that the Reserve Bank of Australia will no longer be hiking interest rates after the central bank held rates steady at its last meeting of the year, partly driven by the Federal Reserve’s more dovish tilt.
With fewer data points on the economic calendar and all major central bank meetings out of the way, trading volumes are expected to be thin.
Japan’s Nikkei 225 rose 1.25%, while the broader Topix index added 1.19%. The Topix is headed for its fourth straight day of gains.
The Nikkei 225 has gained more than 27% so far this year, making it Asia’s top performing index for 2023.
South Korea’s Kospi reversed early gains to trade flat, while the small-cap Kosdaq index rose 1.17%.
Overnight, stocks on Wall Street kicked off the last week of the year on a positive note, pushing the S&P 500 closer to record levels.
The S&P 500 ended 0.42% higher, while the Nasdaq Composite advanced 0.54%. The Dow Jones industrial Average gained 159.36 points, or about 0.43%, to close at 37,545.33.
The Nasdaq 100 gained 0.6% and notched an all-time high and record close, ending the session at 16,878.46.
