2 weeks ago
Stock Market

Chinese Stocks Pick Up in Afternoon trade

Investing.com – Asian stocks continued to deliver a mixed performance on Wednesday afternoon while Chinese stocks picked up momentum to

Investing.com – Asian stocks continued to deliver a mixed performance on Wednesday afternoon while Chinese stocks picked up momentum to trade higher.

The Shanghai Composite Index went higher later on Wednesday by 1.03% by 1:17 AM ET (6:18 AM GMT) to 3,085.64 and the Shenzhen Component reversed the downward trend and inched up 0.33% to 9.627.72.

Chinese stocks were supported by hopes of Beijing rolling out more measures this year to stimulate the slowing economy. China's state planner on Wednesday hinted moves to “expand and upgrade” domestic consumption.

Ning Jizhe, vice chairman of the National Development and Reform Commission, said China will boost the incomes of urban and rural residents as well as domestic consumption.

As China’s biggest meeting kicked off on Tuesday to lay out its economic plans for 2019, Beijing also announced billions of dollars in tax cuts and infrastructure spending to lower the risk of a sharper economic slowdown.

Hong Kong and Australia remained trading in the green, with the Hang Seng Index up 0.22% to 28.995.5 and the S&P/ASX 200 up 0.75% to 6,245.6.

Australia released a disappointing GDP growth for the last quarter that came in at 0.2% rather than the expected 0.3%. It sparked more conversations over a rate cut this year.

Meanwhile, Japan and South Korea underperformed their regional peers. Nikkei 225 was down 0.54% to 21,609 and KOSPI was trading down 0.32% to 2,172.25.

The Kospi was set back by news that North Korea had restored part of a missile test site which might prompt new sanctions, U.S. President Donald Trump's national security advisor John Bolton warned.