HONG KONG, Oct 24, (APP/AFP) – Shanghai led a broad rally across Asian stock markets Monday on hopes China will unveil fresh economy-boosting measures, while the dollar’s early strength waned through the day. Chinese growth has levelled out this year after a painful slowdown, but there are hopes officials will push on with spending measures and reforms, particularly of giant state-owned firms. “Stabilisation in (China’s) third-quarter economic data has provided support to the broader market,” Wang Zheng, Shanghai-based chief investment officer at Jingxi Investment Management, told Bloomberg News. “Some big state-owned enterprises are doing well as there is speculation that the government will accelerate their consolidation to improve efficiency and boost infrastructure spending to further bolster economic growth.” The upbeat outlook helped push Shanghai up 1.2 percent by the close, while Hong Kong was 0.6 percent higher in the afternoon.
International News
Most Asian markets up but early dollar rally fades
