SINGAPORE — Shares in the Asia Pacific markets rose on Friday, with Hong Kong stocks leading gains as a volatile trading week comes to a close.

The Hang Seng indexIn early trade, the Hang Seng Tech Index rose 3.55% while it rose 2.2%. Chinese stocks that are listed in Hong Kong trade higher than usual, XpengUp to 6.49% Baidu rising 4.51%.

In other developments, China kept its one-year benchmark lending rate on hold at 3.7%, but cut its five-year loan prime rate (LPR) by 15 basis points. This was only the second reduction this year.

Chaoping Zhu (a global strategist and JPMorgan Asset Management) stated that “this is an eagerly awaited move, against the background of Covid disruptions,” and the market was more surprised by the decrease.”

Zhu wrote in an email, that the decline of bank loans has been dramatic, indicating a lack confidence by households and businesses. Zhu said Friday’s LPR reduction, along with April’s decrease in reserve requirements ratio, could help boost property and land demand.

Julian EvansPritchard of Capital Economics is the senior China economist. The five-year LPR cuts were the most significant ever and are intended to help housing demand.

On Friday, stocks in mainland China rose. This is the Shanghai Composite was 1.11% higher, while the Shenzhen Component gained 1.33%.

Shares of Chinese electric vehicle maker Nio surged in its Singapore debut onFriday marked the company’s third stock exchange. After rising nearly 20%, the stock traded higher at the open.

Japan’s Nikkei 225The Topix rose by 0.97% and the index climbed by 0.59%. According to Reuters, Japan’s core consumer price index, which includes energy and not fresh foods, increased 2.1% in April compared with a year ago. This is in keeping with economists estimates.

The S&P/ASX 200Australia had a higher rate of 1.03%.

South Korea has the following: KospiThe Kosdaq gained 1.68 percent, and the MSCI Index of Asia-Pacific Shares outside Japan rose 1.44%. MSCI’s Asia-Pacific share index outside Japan rose 1.47 percent.

The shares of GrabThe U.S. saw an overnight rise in riders hailing and ordering food from the Southeast Asian company. reported 6% growth in revenueHe predicted that the business environment would be more open to foreign investors as countries loosen their Covid restrictions.

Closed at $3.14, the stock was 24.11% better than its previous high of $3.68. After-hours trading saw shares rise by nearly 2%.

Taiwan Semiconductor Manufacturing CoOn Thursday, shares rose in the U.S. following a report that it plans to open a plant in Singapore.

Although the stock reached $92.10 at one point, it closed at $90.21. That’s 0.35% below its peak. TSMC gained 0.2% in after-hours trading.

Wall Street overnight major U.S. stock indexes fell, with the S&P 500 moving closer to a bear market. Investors are concerned that Fed increases could lead to a U.S. recession.

The S&P 500 fell 0.58% to 3,900.79, while the Dow Jones Industrial Average dropped 236.94 points, or 0.75%, to 31,253.13. The Nasdaq composite was down 0.2% to 11,388.50. These moves were in response to sharp declines on Wednesday.

The U.S. dollar indexThe metric that tracks the greenback’s performance against its peers was at 103.023, down from 103.5 earlier in this week.

The Japanese yenStrengthened and last at 127.57 a dollar Australian dollarIt was $0.7008.

Asia trade saw crude oil futures fall. U.S. crudeThe barrel price fell 1.21% to $110.85, while the international benchmark was at $110.85 Brent crudeAt $111.05/barrel, it fell 0.88%