Yahoo Finance Chinese Stocks Pick Up in Afternoon trade
Investing.com - Asian stocks continued to deliver a mixed performance on Wednesday afternoon, as Chinese stocks picked up momentum to trade higher.
The Shanghai Composite Index was up 1.03% to 3,085 by 1:17 AM ET (6:18 AM GMT). The Shenzhen Component reversed morning losses to inch up 0.33% to 9,627 in afternoon trade.
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 at moves to “expand and upgrade” domestic consumption.
Ning Jizhe, vice chairman of the National Development and Reform Commission, said during the annual meeting of the National People's Congress in Beijing that China will boost the incomes of urban and rural residents as well as domestic consumption.
Tuesday marked the start of China's largest annual political meeting, during which the government will outline its economic plans for 2019. Beijing already announced billions of dollars in tax cuts and infrastructure spending to lower the risk of a sharper economic slowdown.
Hong Kong and Australia remained green in afternoon trading, 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 disappointing GDP growth for the last quarter that came in at 0.2% rather than the expected 0.3%. The disappointing data sparked speculation over a possible rate cut this year.
Meanwhile, Japan and South Korea underperformed their regional peers. The 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.
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