Asian Stocks Broadly Higher As Investors Await Key Economic Data, Fed Policy

(RTTNews) - Asian stocks are broadly higher on Monday with investors creating fresh positions amid hopes several central banks across the globe will start reducing interest rates to put struggling economies back on track.

GDP data from several countries, and the Federal Reserve's monetary policy announcement, are among the key economic events this week.

The Australian market is up in positive territory with its key indices S&P/ASX 200 and the All Ordinaries, moving up marginally.

The S&P/ASX 200 is up 12.60 points or 0.16% at 7,797.80, while the All Ordinaries index is at 7,795.80, gaining 10.60 points ir 0.14%.

With data on fourth-quarter GDP due on Wednesday, and the Australian central bank's rate decision due next Monday, the mood is somewhat cautious.

Among the gainers, Burson Auto Parts is climbing up nearly 7%. Pilbara Minerals, James Hardie, Amcor, Santos, Woodside Energy, Elders, Mineral Resources, Dominio's Pizza, Alumina and Megaport are gaining 2 to 4.3%.

Gold Road Resources is plunging nearly 16%. WiseTech Global is down more than 2%. Wesfarmers, Lynas Corporation, BHP Group and Harvey Norman are also down in negative territory, albeit with less pronounced losses.

Energy stocks are finding support, while technology and mining shares are mostly subdued.

In Hong Kong, trading in China Evergrande shares were briefly halted today after the stock tanked over 20% after a court ruled to liquidate the property developer due to spiraling debt crisis.

However, the Hong Kong market is up firmly in positive territory with several counters from across various sectors attracting strong buying interest.

The Hang Seng Index is up 205.00 points or 1.3% at 16,157.23.

The Shanghai Composite Index is up 3.40 points at 2,913.63.

The Japanese market is notably higher with stocks from financials, automobile and industrials sectors moving up on sustained buying interest.

The benchmark Nikkei 225 is up 348.93 points or 0.98% at 36,100.00.

Honda Motor, Toyota Motor, Hino Motors, Suzuki Motor Corp., Nissan Motor, Isuzu Motors and Mazda Motor are gaining 2.5 to 4%.

In the financials sector, Chiba Bank, Mitsubishi UFJ Financial, Mizuho Financial, Sumitomo Mitsui Financial, Concordia Financial and Shizuoka Financial are advancing 1.5 to 2.5%.

Among other major gainers in the market, Nitto Denko is surging 5.3%. Inpex Corp, Idemitsu KOsan, Eneos Holding, Resona Holdings, Nomura, Mitsubishi Heavy Industries, Sony, Fanuc Corp, Dai-ichi Life, Mitsubishi Corp., Sumitomo Electrical Industries and Daiwa Securities are up 2 to 4%.

The Singapore market is marginally higher with investors digesting the country's central bank announcement that it is leaving policy rate unchanged as expected.

The FTSE Straits Times Singapore (STI) is up 4.88 points or 0.13% at 3,164.41.

In its first review of the year amid moderating inflation pressures and slightly improving growth prospects, the the Monetary Authority of Singapore (MAS) said it will maintain the prevailing rate of appreciation of its exchange rate-based policy band known as the Nominal Effective Exchange Rate, or S$NEER.

The South Korean market's KOSPI is up 28.65 points or 1.16% at 2,507.21.

Joosung Corp. is zooming nearly 30%. Daiyang Metal Co., Takewang Industrial, HLB Global and E.Investment & Development are soaring 20 to 24%.

Markets in Malaysia and New Zealand are modestly higher. Malaysia's key index is gaining about 0.4%, while New Zealand's NZX is advancing 0.36%.