Asian markets surge led by Hang Seng Index and Sino Biopharmaceutical

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Asian markets surge led by Hang Seng Index and Sino Biopharmaceutical
Credit: © Reuters.

Asian stocks experienced a significant rise on Friday, with the Hang Seng Index in Hong Kong leading the charge. The index saw an increase of 2.5%, reaching a value of 17,664.12 for the second consecutive day. This uptick was accompanied by similar growth in other Asia-Pacific markets. The Shanghai Composite Index in China and Singapore's FTSE Straits Times Index rose by 0.7% and 2% respectively, closing at 3,030.80 and 3,143.07.

In addition to these gains, South Korea's KOSPI Composite Index and Australia's S&P/ASX 200 Benchmark Index both saw a 1.1% rise, settling at 2,368.34 and 6,978.20 respectively. In contrast, Japan's Tokyo Stock Exchange remained closed.

Among individual stocks, Sino Biopharmaceutical (HK: 1177 ), a constituent of the Hang Seng Index, recorded the largest surge with an 8.4% increase in shares. This was closely followed by Zhongsheng Group Holdings and Li Ning which saw their shares grow by 8.1% and 6.6% respectively.

Despite the overall positive trend, some companies experienced a decline in their share prices. China Hongqiao Group, WH Group (OTC: WHGLY ) and Zijin Mining Group saw their shares decrease by 1%, 0.6%, and 0.2% respectively.

The upward trend in Asian markets indicates a strong start to November trading sessions, with most indices showing considerable growth while some individual stocks outperforming others significantly.

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