Asian stocks gain after Wall Street has best day in 6 weeks

Bangkok, The Gulf Observer: Shares were mostly higher Monday in Asia after strong data on the U.S. economy sent Wall Street to its best close in six weeks.

Hong Kong’s Hang Seng index rose 0.4% to 20,642.89 and the Shanghai Composite index lost 0.3% to 3,318.56.

At the annual session of China’s rubberstamp legislature, the government set this year’s economic growth target at “around 5% ” as it tries to rebuild business activity following the end of anti-virus controls that kept millions of people at home.

Chinese leader Xi Jinping has said the priority is an economic revival based on consumer spending after growth sank to 3% last year, its second-lowest level since at least the 1970s. Officials who briefed media Monday about economic planning did not provide fresh or specific policy initiatives to attain that goal.

“The slower-than-expected GDP growth target set by the government of around 5% matches our GDP forecast of 5% for this year,” ING said in a commentary. “The government realizes that a weakening external market would impose challenges to China’s export-related industries.”

Tokyo’s Nikkei 225 gained 1.1% to 28,237.78 and the Kospi in Seoul added 1.3% to 2,462.62. The S&P/ASX 200 in Australia added 0.6% to 7,328.60. India’s Sensex climbed 1% to 60,428.43 and shares rose in Taiwan. Thailand’s markets were closed for a national holiday.