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Mainland Chinese shares close nearly 5% higher Mainland Chinese shares close nearly 5% higher
(35 minutes later)
Mainland Chinese shares led gains across Asia on Wednesday, with the Shanghai Composite closing up 4.89% at 3,152.26.Mainland Chinese shares led gains across Asia on Wednesday, with the Shanghai Composite closing up 4.89% at 3,152.26.
The index recovered much of the ground it lost on Tuesday when the mainland benchmark index lost 3.5%.The index recovered much of the ground it lost on Tuesday when the mainland benchmark index lost 3.5%.
Hong Kong's Hang Seng index was up 2.55% at 22,003.15 in late afternoon trade. In Hong Kong, the benchmark Hang Seng index also ended the day higher, up 2.38% at 21,966.66.
Investors shrugged off news that shares of China's largest brokerage, Citic Securities, had fallen as much as 4%. Investors shrugged off news that shares in China's largest brokerage, Citic Securities, had fallen as much as 4%.
The share fall came after it was announced three of the firm's executives, including its president, were under police investigation. The share fall came after it was announced three of the firm's executives, including its president, were under police investigation for suspected insider trading and "leaking" inside information.
The executives are being investigated for suspected insider trading and "leaking" inside information.
Elsewhere, investors continued to remain cautious ahead of a decision by the Federal Reserve on whether or not it will raise US interest rates rates for the first time in nearly a decade.Elsewhere, investors continued to remain cautious ahead of a decision by the Federal Reserve on whether or not it will raise US interest rates rates for the first time in nearly a decade.
Bernard Aw, market strategist at trading firm IG, said the market was positioning itself for a rate rise this week.Bernard Aw, market strategist at trading firm IG, said the market was positioning itself for a rate rise this week.
"[Stock] futures indicated a higher implied probability of a rate move this Thursday," he said in a note."[Stock] futures indicated a higher implied probability of a rate move this Thursday," he said in a note.
Japan's benchmark Nikkei 225 index ended up 0.8% at 18,171.60.Japan's benchmark Nikkei 225 index ended up 0.8% at 18,171.60.
In Australia, the S&P/ASX 200 index closed 1.6% higher at 5,098.90, also recovering from Tuesday's losses.In Australia, the S&P/ASX 200 index closed 1.6% higher at 5,098.90, also recovering from Tuesday's losses.
South Korean shares were up despite tensions in the region. On Tuesday, North Korea said that its main nuclear complex was operating and that it was working to improve weapons that could be used against the US at any time.South Korean shares were up despite tensions in the region. On Tuesday, North Korea said that its main nuclear complex was operating and that it was working to improve weapons that could be used against the US at any time.
However, the benchmark Kospi index finished 2% higher at 1,975.45.However, the benchmark Kospi index finished 2% higher at 1,975.45.