Asian stocks climbed higher on Friday, as wide-ranging relaxations to China’s strict zero-Covid policies boosted investors’ hopes that the world’s second-biggest economy would reopen early next year.
Hong Kong’s Hang Seng index added 2.3 per cent and has now risen more than a fifth in the past month, with all sectors apart from healthcare stocks in positive territory in early afternoon trading.
The Hang Seng Mainland Properties index, which tracks some of China’s largest developers, rose 9.9 per cent, bolstered by Beijing’s recent moves to end a ban on equity refinancing and extend $162bn in loans through state banks. Country Garden, the country’s biggest real estate company by sales, added 8.5 per cent.
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