Asian Shares Mixed Amidst China's Market Boosting Measures

BANGKOK (AP) — On Thursday, Asian stock markets exhibited mixed performance as China implemented additional measures aimed at bolstering its underperforming markets.

China Market Interventions

To boost investor confidence, Beijing officials mandated pension and mutual funds to increase share purchases, thereby ensuring market value appreciation. Listed companies were also encouraged to engage in stock buybacks and raise dividends for enhanced shareholder returns. This announcement led to a 1% surge in Shanghai's Share Price Index, reaching 3,246.51 by midday.

Mixed Asian Market Performance

Hong Kong's Hang Seng Index edged up marginally by less than 0.1% to 19,790.14. Tokyo's Nikkei 225 gained 0.6% to 39,891.10, driven by growth in technology stocks, particularly those of SoftBank Group Corp. The company's substantial investment in Stargate, a joint venture with Oracle and OpenAI, contributed to its 3.7% rise in Tokyo trading.

However, Australia's S&P/ASX 200 fell 0.6% to 8,383.50, while South Korea's Kospi lost 0.8% to 2,526.98. Taiwan's Taiex witnessed a 1% uptick, while India's Sensex experienced a modest 0.2% decline.

U.S. Market Boost by Technology Stocks

On Wednesday, the S&P 500 rose 0.6% to 6,086.37, approaching its all-time closing high. The Dow Jones Industrial Average gained 0.3% to 44,156.73, and the Nasdaq Composite climbed 1.3% to 20,009.34.

Despite the broader market decline due to higher Treasury yields, major technology stocks propelled market gains. Netflix surged 9.7% after reporting subscriber growth, adding 19 million during the latest quarter. Its earnings exceeded analyst expectations, mitigating the impact of rising Treasury yields on stock prices.

Other strong performers included Oracle (6.8%) and Nvidia (4.4%), reflecting the bullish sentiment surrounding AI-related companies.

Cryptocurrency Market Update

In the cryptocurrency market, Bitcoin hovered around $102,000, despite concerns over recent meme coin launches by former President Trump.

Commodities and Currency Markets

U.S. benchmark crude oil declined 21 cents to $75.23 per barrel, while Brent crude fell 27 cents to $76.40 per barrel. The U.S. dollar strengthened against the Japanese yen, rising to 156.52 yen. The euro remained stable at $1.0410.