China stocks had their best day in a month on Monday while Hong Kong shares also rebounded, inspired by a record-breaking performance on Wall Street, and bullish Asian markets led by Japan.
Brokerages, meanwhile, recommend investors cling to their stock holdings ahead of next week's Lunar New Year festival, saying the correction, which had brought the China market down over 4% from its January 29 peak, likely ended.
China's blue-chip CSI300 Index climbed 1.6% while the Shanghai Composite Index gained 1.4%, both rising the most since early January.
In Hong Kong, benchmark Hang Seng rose 1.8%.
Risk appetite grew after the Dow Jones Industrial Average closed above the 50,000 mark for the first time on Friday.
Japanese stocks swept to record peaks on Monday after Sanae Takaichi scored a landslide win in Sunday's snap election.
Caitong Securities said China's stock turnover is shrinking ahead of the week-long holiday, but the index is starting to rise, "signalling the market correction is almost over."
"Investors who are willing to hold the stocks through the festival will be rewarded," Caitong said.
Guosheng Securities, Haitong International and Huajin Securities dispensed similar advice.
Chinese film producers (.CSI930781), media (.CSI399810) and entertainment stocks (.CSI930790) led gains as investors bet holiday spending will boost their revenue.
Real-world-asset-related stocks, such as Guotai Junan International and GCL Energy Technology, rose on bets that they'd benefit from Beijing's move to set up a legal framework for RWA tokenisation business.
The UBS SDIC Silver Futures fund rebounded 8% after notching a straight week of daily down limit losses, as prices of the metal bounced.
China and Hong Kong gold-linked stocks (.CSI931238) also bounced, after news that China's central bank extended its gold buying spree for a 15th month in January.
Sumber : Reuters
powered by: IPOTNEWS.COM
