Stock market today: Asian shares mostly rise, led by gains in Chinese markets following policy moves
ABC News
Asian shares are mostly higher, with Chinese stocks extending gains after Beijing announced a raft of policies to support sagging markets
TOKYO -- Asian shares were mostly higher on Thursday, with Chinese stocks extending gains after Beijing announced a raft of policies to support sagging markets.
Hong Kong rose 1.8% and Shanghai surged 3%. Benchmarks inched higher in Tokyo and Seoul. U.S. futures and oil prices advanced.
Late Wednesday, the Chinese central bank announced a set of rules to govern lending to property developers. Earlier, it said it would cut bank reserve requirements to put about 1 trillion yuan ($141 billion) into the economy.
The Chinese economy has slowed, with growth forecast below 5% this year, its lowest level since 1990 excluding the years of the COVID-19 pandemic. A debt crisis in the real estate industry has compounded other longer-term problems.
Shares in Chinese property developers jumped Thursday, with China Evergrande Holdings up 5.4% and Country Garden gaining 5.9%.
