Asian stock markets rise on last trading day of the year

Stocks in Asia-Pacific traded higher in the final trading session of the year after Wall Street rallied overnight to recoup most of its losses. Hong Kong’s Hang Seng index rose 0.56 percent, riding the sentiment from the U.S. session. In mainland China, the Shanghai Composite added 0.35 percent and the Shenzhen Composite added 0.26 percent. In Australia, the S&P/ASX 200 rose 0.5 percent. In Japan, the Nikkei 225 and Topix gained 0.28 percent, while the Japanese yen strengthened slightly to stand at 132.42 against the U.S. dollar. Seoul stock exchanges are closed for the Lunar New Year holiday and are scheduled to resume trading at 10 a.m. local time on Jan. 2. Overnight, U.S. jobless claims rose more than the Dow Jones Industrial Average forecast, according to the Labor Department. Wall Street's major averages are on track for their worst year since 2008 as investors head into the final trading days of 2022.