On Friday, Asia-Pacific shares were driven higher because the Hong Kong market’s tech stocks were on a rise. There was a 2.09% jump in the Hang Seng index in Hong Kong, as it closed at a value of 21,719.06. Meanwhile, 4.05% rise was recorded in the Hang Seng Tech index. Xpeng and SenseTime both recorded gains of about 7.32% and 4.74%, respectively.

In its debut session, GoGoX was trading at 23.15 Hong Kong dollars, but the logistics company saw its price fall in afternoon trade to 16.72 Hong Kong dollars. The offer price of the stock had been 21.50 Hong Kong dollars.

Other Asian markets

In the Japanese market, there was a 1.23% gain in the Nikkei 225 index, as it closed at 26,491.97, while there was a 0.81% rise in the Topix index to 1,866.72. On Friday, Masayoshi Son, the chief executive of the SoftBank Group, said that they would probably list the chip designer Arm on the Nasdaq exchange, but the decision was not final as yet.

Speaking at the annual general meeting of the company, Son said since most of Arm’s clients are from Silicon Valley, it makes sense and the US stock markets would also love to have the company. There was a 2.37% rise in Softbank shares.

The stock markets in mainland China rose, as there was a 0.89% gain in the Shanghai Composite in afternoon trading that saw it close 3,349.75. There was also a 1.369% increase in the Shenzhen Component that took it to 12,686.03.

There was a 2.26% gain in the South Korean Kospi index to reach 2,366.6 and a 5% gain in Kosdaq to 750.3. A 0.7% rise in the S&P/ASX 200 took it to 6,578.7, while the New Zealand market was closed on Friday for a holiday. The MSCI index of Asia-Pacific shares rose by 1.32%.

Analysis of the markets

According to market analysts, there will be greater stability in the markets when inflation data and other indicators start to hit bottom. They said that currently there were greater fears of a recession than of inflation and it would become apparent in the next three to six months if it is possible to avoid recession, or it is inevitable.

Japan recorded a 2.1% rise in core consumer prices, which was in accordance with expectations, but higher than the 2% target of the Bank of Japan. But, if energy and food prices are removed from the equation, there was only a 0.8% rise in prices.

US markets

The United States’ markets saw a late-day rally in stocks overnight due to fears of recession. This week, a number of major banks predicted the possibility of an economic recession. There was a 0.64% rise in the Dow Jones Industrial Average, which grew about 194.23 points to reach 30,677.36. There was also a 0.95% increase in the S&P 500, as it reached 3,795.73 and a 1.62% gain in the Nasdaq Composite that took it to 11,232.19.

The US dollar index was trading at a value of 104.279, which tracks the performance of the currency against a basket of other currencies.

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