Asian stock market today: Markets kick off new year on a positive note; Hang Seng jumps over 2%
Asian markets kicked off the new year on a positive note on Friday, tracking gains in US futures and higher oil prices, with technology stocks leading the rally in Hong Kong.Hong Kong’s Hang Seng index surged 2.2% to 26,189.79. Markets in Tokyo, Shanghai, Thailand and New Zealand remained closed for holidays.South Korea’s Kospi climbed 1.5% to 4,277.94, while Australia’s S&P/ASX 200 edged up 0.2% to 8,727.30. Taiwan’s Taiex rose 1.1%, and India’s Sensex added 0.1%.Chinese tech majors were among the top gainers.Alibaba jumped 3.2%, while Baidu rallied 7.5% after announcing plans to spin off its artificial intelligence chip unit, Kunlunxin. The unit is expected to list in Hong Kong in early 2027, subject to regulatory approvals.Asian equities have been supported by optimism that rapid adoption of artificial intelligence will drive demand for computer chips, data centres and related infrastructure. While manufacturing data across much of the region has remained weak, trade activity has shown resilience.“Exports from most countries have surged in recent months, and we think the near-term outlook for Asia’s export-oriented manufacturing sectors remains favorable,” Shivaan Tandon of Capital Economics said in a report, the Associated Press reported.US futures pointed higher, with S&P 500 futures up 0.5% and Dow Jones Industrial Average futures gaining 0.3%.Earlier on Wednesday, Wall Street ended 2025 on a weaker note, marking a fourth straight session of losses. The S&P 500 fell 0.7% to 6,845.50, the Dow Jones slipped 0.6% to 48,063.29, and the Nasdaq Composite dropped 0.8% to 23,241.99.Despite the late-year pullback, US markets posted strong annual gains. The S&P 500 rose 16.4% in 2025, setting 39 record highs during the year. The Nasdaq surged 20.4%, while the Dow ended 13% higher.Wall Street’s rally through 2025 was driven by enthusiasm around artificial intelligence, strong corporate earnings and three interest rate cuts by the US Federal Reserve. Investors are now betting the Fed will keep rates unchanged at its January meeting, AP reported.Silver rebounded 3.5% early Friday after plunging 9.4% on Wednesday. The metal gained more than 140% in 2025. Gold rose 1.1%, ending the year with a 63.7% gain.Oil prices also moved higher. US benchmark crude added 35 cents to $57.77 per barrel, while Brent crude climbed 35 cents to $61.20 per barrel.
