Asian markets inched higher on Friday amid holiday-thinned trading, with several exchanges remaining closed for the Boxing Day holiday. Regional stocks extended gains after Wall Street ended the week at record highs, while most global markets were shut on Thursday for Christmas.Markets in Tokyo, Shanghai, Seoul and Taipei all posted gains. Japan’s Topix climbed to a record high and was last up 0.5%. South Korea’s benchmark index rose 0.6%, taking its annual gain to 72% and making it the world’s best-performing major stock market this year.China’s blue-chip index was up 0.27%, on track for an 18% gain in 2025, its strongest annual rise since 2020, Reuters reported. The move lifted MSCI’s broad Asia-Pacific index to its highest level since November 14. The index was last up 0.4% and has gained 25% so far this year.Markets in Australia, Hong Kong and much of Europe remained closed on Friday, keeping liquidity thin. Even so, investors continued to push for a year-end rally as risk appetite picked up this week.According to AFP, analysts said markets were extending year-end rallies on expectations of a “Santa Claus rally,” the tendency for prices to rise during the last five days of December and the first two days of the new year. Sentiment was also supported by Wall Street, where the S&P 500 hit an all-time high before the Christmas break after data showed the US economy expanded 4.3% in the third quarter.Precious metals remained strong. Silver surged past $75 per ounce for the first time, reaching a peak of $75.1515 on Friday. Spot gold also touched a fresh record at $4,531.04 per ounce, extending its move above $4,500. Analysts said rising geopolitical tensions, including between the US and Venezuela, and expectations that the Federal Reserve will continue cutting rates next year helped support prices.
‘Santa Claus rally’: Asian markets edge higher amid thinned holiday trade; silver hits record high
