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Asian shares hit highs on China rate cut | |
(about 3 hours later) | |
Asian shares surged as investors welcomed China's interest rate cut and comments from the European Central Bank hinting at more stimulus action. | |
An surprise rate cut by China's central bank on Friday sparked hopes of more stimulus action. | |
Sentiment was also boosted by Friday's comments from Mario Draghi, the head of the European Central Bank. | |
Mr Draghi said the ECB was ready "step up the pressure" and take more measures to try to boost growth in the eurozone. | |
The Hang Seng index closed up 456.02, nearly 2%, at 23,893.14 points on news of the cut. | |
On the mainland, the benchmark Shanghai Composite ended 1.85% higher at 2,532.88 points - its highest level since 2011. | |
Japanese markets were closed for a public holiday. | Japanese markets were closed for a public holiday. |
In Australia, shares hit a one-month high, thanks to the resources sector which jumped on hopes that the surprise rate cut in China would boost demand for commodities. | In Australia, shares hit a one-month high, thanks to the resources sector which jumped on hopes that the surprise rate cut in China would boost demand for commodities. |
The S&P/ASX 200 index closed up 57.50 points, or 1.1%, at 5,361.8 - its biggest percentage gain since 22 October. | |
The rise also broke a five-day losing streak for the index. | The rise also broke a five-day losing streak for the index. |
Miners were among the biggest risers, with shares of BHP Billiton up 3.8% and Rio Tinto 3.4% higher. | |
South Korean shares climbed to a seven-week high, boosted by China's rate cut. China is the country's largest trading partner. | South Korean shares climbed to a seven-week high, boosted by China's rate cut. China is the country's largest trading partner. |
The benchmark Kospi closed up 0.7% at 1,978.54. | The benchmark Kospi closed up 0.7% at 1,978.54. |
Growth-sensitive shipbuilders and petrochemical firms outperformed the broader market. | |
Hyundai Heavy Industries shares rose 5.6%, while LG Chem was 6.3% higher. | Hyundai Heavy Industries shares rose 5.6%, while LG Chem was 6.3% higher. |