Hong Kong stocks bounced back Wednesday, breaking an eight-day losing streak, after China’s central bank reportedly pumped tens of billions of dollars into the banking system to spur economic growth in China amid a worse-than-expected slowdown.
The Nikkei 225 in Tokyo slipped 22.86 points, or 0.1%, to 15,888.67, with the yen slightly lower against the U.S. dollar, trading at ¥107.262 compared with ¥107.140 a day ago.
In Hong Kong, the Hang Seng Index zoomed 240.40 points, or 1%, higher to 24,376.41, ending an eight-session losing streak.
Telecoms shares clawed back some ground, after falling hard a day ago amid reports that the release date of Apple Inc.’s iPhone 6 in mainland China remains still uncertain.
Index heavyweight China Mobile Ltd. went 1.6% higher, while its smaller rivals China Telecom Corp. and China Unicom Hong Kong Ltd. improved by 1.1% and 0.2%, respectively.
CHINA
The People’s Bank of China is injecting 500 billion yuan ($81 billion U.S.) into the country’s five major state-owned banks, a move seen by many as a response to a batch of disappointing economic data in August, media reports said Wednesday.
Shanghai’s CSI 300 index gained 12.56 points, or 0.5%, to 2,401.33
Mainland Chinese banks advanced broadly, with Bank of Communications Co. climbing 2.3%, Industrial & Commercial Bank of China Ltd. adding 2%, China Construction Bank Corp. rising 1.9%, Bank of China Ltd. gaining 1.7%, and Agricultural Bank of China Ltd. tacking on 1.1%.
In other markets;
In Korea, the Kospi index added 19.69 points, or 1%, to 2,062.61
The Taiex index in Taiwan regained 61.77 points, or 0.7%, to 9,195.17
In Singapore, the Straits Times STI Index took on 23.86 points, or 0.7%, to 3,292.48
In New Zealand, the NZX 50 lost 47.45 points, or 0.9%, to 5,142.34
Australia’s S&P/ASX 200 shed 38.11 points, or 0.7%, to 5,407.25
