Regional stocks, China shares higher

Business | 11 Jun 2019 3:28 pm

Asian stocks gained today, led by Chinese shares after Beijing eased financing rules to boost local government spending on public works, and bolstered by investor relief following a U.S. decision to hold off import tariffs on Mexico.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained by 0.8 percent.

In Tokyo, stocks gained for a third consecutive session. The benchmark Nikkei 225 index gained 0.33 percent, or 69.86 points, to close at 21,204.28, while the broader Topix index was up 0.54 percent, or 8.38 points, at 1,561.32. 

The Shanghai Stock Exchange Composite Index climbed by 2.58 percent, or 73.59 points at 2,925.72 after China said on Monday that it would allow local governments to use proceeds from special bonds as capital for major investment projects in a bid to support the slowing economy.

The Shenzhen Stock Exchange Composite Index shot up by 3.71 percent, or 55 points at 1,538.23.

Australian stocks climbed by 1.5 percent.

South Korean stocks jumped to a one-month high. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.32 points, or 0.59 percent, to close at 2,111.81. Trade volume was moderate at 542 million shares worth 4.1 trillion won (US$3.5 billion), with gainers far outnumbering losers 646 to 183.-Reuters/The Standard 


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