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The Last Asian Market: Asian markets rise after China announces plans to support economy



Hong Kong Hang Seng Index (HSI) grew by 0.8% by noon, while in China Shanghai Composite Index (SHCOMP) gained 0.7%. Both had traded lower earlier.
China has previously said it will step up efforts to increase disposable income and stabilize employment. The National Development and Reform Commission announced these plans during a press briefing.
Hong Kong has also recently taken steps to help prevent a recession. On Thursday, the city government unveiled a stimulus package worth about $ 19 billion ($ 2.4 billion).
Some companies trading in Hong Kong and Shanghai also report strong revenue. Ping insurance (PIAIF)China's largest insurer climbed 3% in Hong Kong after reporting a 68% rise in first-half net profit. Its shares traded in Shanghai also gained 2.2%.
Tsingtao Brewery (TSGTF)China's second-largest beer producer jumped 10% in Shanghai after net profit increased more than 25% in the first half of the year. Hong Kong's traded shares jumped 11.5%. His older rival Chinese resources Beer (CRHKY), Snow's most famous beer rose by 7.2% in Hong Kong after recording a 24% increase in net profit in the first half.

The Australian S&P / ASX 200 is seen between small gains and losses. Last traded 0.1% lower. The index fell 2.9% on Thursday.

Japan Nikkei (N225) was 0.1% higher after lower open. South Korea Kospi (KOSPI)has fallen 0.8% since it opened on Friday, following the official holiday on Thursday.
Trade tensions between the US and China remain a problem.
On Thursday, China said it would "take the necessary countermeasures" after the United States announced a new 10% $ 300 billion tariff on Chinese goods earlier this month. But a foreign ministry spokesman later quelled investors' concerns, saying China remained hopeful of a possible trade deal.

Here are some other great moves and talking points at 12:45 h Hong Kong time:

  • Tencent (TCEHY), the Chinese social media and gaming giant, continued to fall after warning of upcoming challenges for its business. It has fallen 0.9% recently.
  • On Thursday at Dow (INDU) increased by about 100 points, or 0.4%, recovering some of the heavy losses in the previous session. The most S&P 500 (INX) ended 0.25% higher. But on Nasdaq (COMP), with their numerous technology companies dropped 0.1%.
  • Ali Baba (BABA), the Chinese online retail giant, jumped 3% on Wall Street after reporting sales that beat market estimates. Its revenue grew 42% in 2008. at the latest quarter.

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