Wed. Oct 28th, 2020

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Chinese stocks are leading

1 min read
Chinese stocks

Chinese stocks leading

Stocks in Asia-Pacific mostly advanced on Monday, with investors monitoring the Chinese yuan’s movements.

Mainland Chinese stocks were among the biggest gainers regionally, with the Shanghai composite up 2.64% to close at about 3,358.46 while the Shenzhen component jumped 3.151% to finish its trading day at approximately 13,708.07.

The moves in Chinese stocks came after state media outlet Xinhua reported Sunday that the country “unveiled a new comprehensive reform plan for Shenzhen,” giving local authorities there a “more direct and greater say in business” in areas such as carrying out market-based economic reforms.

Hong Kong’s Hang Seng index also surged 2.2% to close at 24,649.68. Shares of Chinese banks listed in the city soared: China Construction Bank added 5.58%, ICBC was up 5.74% while Bank of China gained 4.18%.

Elsewhere, South Korea’s Kospi rose 0.49% to close at 2,403.73.

Meanwhile, shares in Australia were higher on the day, with the S&P/ASX 200 up 0.49% to 6,132. In Japan, the Nikkei 225 bucked the trend and slipped 0.26% to close at 23,558.69 while the Topix index shed 0.24% to end its trading day at 1,643.35.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.05%.

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