Chinese shares end mixed after volatile trading session
Markets in China ended mixed following a volatile trading session on Tuesday in spite of moves by the government to boost its economy.
The Shanghai Composite closed down 1% at 3,747.90, while Hong Kong’s Hang Seng index rose 0.2% to 24,900.89.
Mainland Chinese equities had hit a seven-year high during the day as investors bet on more monetary easing.
Sentiment was also boosted after Beijing announced plans to prop up its struggling property market.
Policymakers said on Monday that they would be easing taxes and lending rules to homebuyers.
China’s housing market accounts for 15% of its economy, but prices have been falling as consumers hold off from taking on new mortgages.
Rest of Asia
In Japan, the Nikkei share index closed down 1% at 19,206.99. Despite the fall on Tuesday, Japan’s benchmark index has risen 10% in the first quarter of the year.
In Australia, shares were higher after a survey showed that sales of new homes rose again in February on solid demand.
The Housing Industry Association (HIA) survey of large volume builders showed sales of new homes rose 1.1%, following a 1.8% gain in January.
The S&P/ASX 200 closed up 0.8% at 5,891.5.
South Korea’s benchmark Kospi index ended up 0.5% at 2,041.03. The index rose 2.8% in March, which is its biggest gain since July last year. Over the first quarter as a whole, the Kospi rose 6.5%.
Data showed that industrial production in the country rebounded strongly in February from the previous month thanks to a pick-up in the auto and technology sectors.
Industrial output rose by a seasonally adjusted 2.6% from the previous month, beating forecasts of a 0.4% increase.
[The source of this article is being updated on a regular basis]
Source: BBC – Asian shares higher on China easing measures
