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Home / Business / Asian market latest: Asian markets move higher as China announces plans to help economy

Asian market latest: Asian markets move higher as China announces plans to help economy



Hong Kong's Hang Seng Index ( HSI ) What Up 0.8% by midday, while China's Shanghai Composite Index ( SHCOMP ) gained 0.7%.
China earlier said it would step up its efforts to boost disposable income and stabilize employment. The National Development and Reform Commission announces these plans during a press briefing.
Hong Kong has recently taken measures to help avert a recession. On Thursday, the city's government estimated $ 1
9 billion in Hong Kong dollars ($ 2.4 billion).
Some companies that trade in Hong Kong and Shanghai so posted strong earnings. Ping An Insurance ( PIAIF ) China's largest insurer, climbed 3% in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock thus gained 2.2%.
Tsingtao Brewery [194559002] TSGTF ) China's second largest beer maker, soared 10% in Shanghai, after its net profit more than 25% for the first half of the year. The Hong Kong-traded shares jumped 11.5%. Its bigger rival China Resources Beer CRHKY ) Best known for Snow beer, surged 7.2% in Hong Kong the first helped.

Australia's S & P / ASX 200 seesawed between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.

Japan's Nikkei ( N225 ) which 0.1% higher after a lower open. South Korea's Kospi ( KOSPI ) declined 0.8% as it reopened Friday, following Thursday's public holiday.
US-China trade tensions continue to be a concern. [19659005] On Thursday, China said it would "take necessary countermeasures" after the United States announced earlier this month a new 10% tariff on $ 300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.

Here are some other big moves and talking points at 12:45 p.m. Hong Kong time:

  • Tencent TCEHY ) the Chinese social media and gaming giant, continued to be warned of challenges ahead for its business. It was down 0.9%.
  • On Thursday, the Dow ( INDU ) rose about 100 points, or 0.4%, recouping some of the heavy losses in the previous session. The S & P 500 [ INX ) ends 0.25% higher. But the Nasdaq ( COMP ) with its many tech companies, dipped 0.1%.
  • Alibaba ( BABA ) the Chinese online retail giant, jumped 3% on Wall Street after it reported sales that beat market estimates. Its revenue surged 42% in the latest quarter.

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