Singapore, Aug. 29 (BNA): China stocks led Asian shares higher on Tuesday with investors welcoming Beijing’s efforts at supporting markets, while bonds rallied and the dollar dipped on possibly softening U.S. data.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%, with the Hang Seng in Hong Kong up more than 2% and mainland China blue chips up 1.5%.
China has halved stock trading stamp duty, loosened margin loan rules, put the brakes on new listings and approved new retail funds in recent days — signalling, at least, resolve to steady the market even if it does little to support the sputtering economy, Reuters reported.
After selling into Monday’s initial bounce, after the measures were announced over the weekend, foreign investors were net buyers of about $500 million in Chinese stocks on Tuesday perhaps in the hope that more substantive aid will follow.
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