China-Driven Rally On Asian Bourses

New York: Asian shares pushed higher on Wednesday, again led by gains in China, after US stocks climbed to more records in a quiet day of trading.Chinese property developers surged after Beijing announced a flurry of measures aimed at reviving the housing market after a prolonged downturn. That news also boosted prices for oil, copper and other commodities. Early Wednesday, US futures were lower and oil prices also declined. Hong Kong’s Hang Seng index jumped 1.8 per cent to 19,346.68, after gaining more than 4 per cent the day before.

The Shanghai Composite index surged 1.8 per cent to 2,913.47 following the announcement of concerted efforts to prop up the world’s second-largest economy. “Chinese policymakers are throwing everything they’ve got to fight off deflation and breathe life into growth. Will it work long-term? Who knows,” Stephen Innes of SPI Asset Management said in a commentary. “But for now, Chinese stocks are gobbling up these stimulus efforts like they’re at an all-you-can-eat buffet,” he said.

In Tokyo, the Nikkei 225 was up 0.3 per cent at 38,068.22, while South Korea’s Kospi was flat, at 2,632.24. Australia’s S&P/ASX 200 added 0.1 per cent to 8,149.00.