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Asian stocks rise as South Korea’s KOSPI rebounds sharply By Investing.com

Investing.com – Most Asian stocks were higher on Friday, led by a sharp gain in South Korean stocks, while Chinese stocks reversed some earlier losses amid hopes of fresh stimulus measures from the world’s second-largest economy.

Stock markets in Japan were closed and will remain closed until January 6, contributing to reduced trading volume.

U.S. stock index futures rose in Asian trade on Friday, holding on to weak results at the end of 2024.

South Korean shares jumped, lifting broader sentiment

South Korea’s index snapped a five-day losing streak on Friday, jumping nearly 2 percent. The index has covered most of what it lost this week, and is headed for a weekly gain.

Amid an unprecedented political crisis, South Korea on Thursday announced policy measures aimed at attracting foreign investment to stabilize financial markets and boost domestic demand. These efforts come as the country struggles with declining consumer confidence and increased economic uncertainty.

South Korean President Yoon Suk Yeol has been impeached and suspended from office, facing charges of sedition and abuse of power.

According to the latest information, authorities entered Woon’s property on Friday to execute an arrest warrant, avoiding the protesters gathered outside.

Other regional markets received positive signs of recovery in South Korean stocks, given that the country is considered a mainstay of East Asia’s economy.

The Philippine index rose almost 1%, while Singapore’s rose on Thursday.

Australia’s index gained 0.6%, while India’s rose 0.2%.

Chinese stocks pared early losses thanks to fresh stimulus

China was mostly muted and the index slipped 0.2% lower. Both indices were lower earlier in the session.

Hong Kong’s index jumped 1 percent.

The People’s Bank of China said it would cut interest rates from the current level of 1.5% “at an appropriate time” in 2025, the Financial Times reported on Friday.

The central bank cut rates in September 2024. Government officials have hinted at looser monetary policy in 2025 and recently doled out a slew of stimulus measures to boost its sluggish economy.

A day earlier, data showed that China’s growth in December was weaker than expected, suggesting that the effect of recent stimulus measures is waning.





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