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Shares in Shanghai and Hong Kong up on stimulus hopes | |
(about 5 hours later) | |
Shares in mainland China and Hong Kong were up sharply in afternoon trade on hopes that Beijing will introduce new stimulus measures to boost the country's slowing economy. | |
In China, Hong Kong's Hang Seng index was up 2% at 22,909.49. | |
At the same time, the benchmark Shanghai Composite closed up 2.32% at 3,338.07. | |
Analysts said investors were hoping for new stimulus moves after disappointing economic data from China this week. | |
"There seem to be considerable expectations of further economic stimulus, which could mitigate some of deflationary pressures," said analysts Gerry Alfonso from Shenwan Hongyuan Securities. | |
Elsewhere in Asia | |
Japan's benchmark Nikkei index closed up 1.15% at 18,096.90 boosted by speculation the US Federal Reserve will put off raising rates for the moment. | |
Australia's S&P/ASX 200 closed up 0.63% at 5,230 points, even after disappointing unemployment numbers which showed 5,100 jobs were lost in September. Economists had predicted a gain of 9,600 jobs. | |
However, Australia's unemployment rate held steady at 6.2%. | However, Australia's unemployment rate held steady at 6.2%. |
After closing lower on Wednesday, South Korea's benchmark Kospi index closed up 1.18% at 2,033.27. | |