Asian stock markets close Friday with strong gains

ANKARA

Major Asian stock markets ended Friday with strong gains as softer-than-expected US data fueled bets that US Federal Reserve slow its aggressive rate hike, as well as ease of COVID-19 measures in China.

Annual consumer inflation in the US came in at 7.7% in October, down from an 8.2% annual gain in September, according to the Labor Department figures released on Thursday.

China on Friday shortened the coronavirus monitoring period and reduced the number of tests required.

The country's health authorities said the quarantine requirements for international arrivals who are close contacts of confirmed COVID-19 cases are shortened by two days, from “7+3 to 5+3,” officials said.

The Asia Dow, which includes blue-chip companies in the region, jumped 5.69% to 3,164.36 points on Friday. On a weekly basis, it soared 8.98%.

Tokyo’s Nikkei 225 stock exchange surged 2.98% to 28,263.57. The index was up 3.91% this week.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, enjoyed the largest rise with 7.74% to 17,325.66 points, while it had a weekly gain of 7.21% on Friday.


Hong Kong's economy narrowed 4.5% year-on-year in the third quarter of 2022, following a 1.3% contraction in the previous three-month period.

China's Shanghai stock exchange soared 1.69% from the previous close to 3,087.29 points on Friday, while it was up 54% on a weekly basis.

The Indian Sensex benchmark increased 1.95% to a fresh record close of 61,795.04 and the Singapore benchmark index gained 1.74% to 3,228.33 points.

While Singapore added 3.14% this week, Sensex rose 1.39%.