Asian stocks follow tech stocks to strengthen, with the Hang Seng Index hitting a new high | Lianhe Zaobao

Driven by the rebound of U.S. tech stocks, most Asian stock markets rose, with a general increase on Monday (December 22). The FTSE Straits Times Index rose by 0.89% or 40.51 points, reaching a historic high of 4610.29 points. The local stock market had a trading volume of 1.11 billion shares throughout the day, with a total trading value of SGD 1.32 billion. There were 330 advancing stocks and 222 declining stocks. As many as 17 constituents of the Straits Times Index rose, with Seatrium leading the pack, its stock price increasing by 2.90% to SGD 2.13. Another five stocks remained flat; eight stocks declined, with Thai Beverage experiencing the largest drop, falling by 1.09% to SGD 0.455. Liu Weixiong, Chief Stock Broker at Phillip Securities, stated in an interview with Lianhe Zaobao that the local stock market is entering a new round of gains and setting new highs before the end of the year, primarily led by bank stocks, which subsequently boosted real estate and construction stocks. He said, "From the sector performance, DBS Group was the first to rise at the market opening, playing a significant leading role. Real Estate Investment Trusts have also shown a steady rebound in the past few trading days, laying the groundwork for a new upward trend. OCBC Bank and City Developments have recently continued to play a leading role, providing upward momentum for the index, indicating that the market structure is gradually strengthening, and overall sentiment has significantly improved." Further Reading Investors worry about AI valuation bubble; Asia-Pacific stock markets performed weakly last week Liu Weixiong believes that as the Straits Times Index stabilizes at a high level, the iEdge Singapore Next 50 Index is also expected to end its range consolidation and begin an upward trend. IG market analyst Tony Sycamore said, "It is very likely that we will see the market continue to rise, but the biggest concern at the moment remains the valuation of artificial intelligence and its future direction." In other Asia-Pacific stock markets, the gains in Seoul, Tokyo, Taiwan, and Shenzhen ranged between 1.13% and 2.12%. Sydney, Shanghai, and Hong Kong rose by 0.92%, 0.69%, and 0.43%, respectively