Chinese shares rallied on optimism that more economic support will come from Beijing, while traders also geared up for a number of key central bank rate decisions later this week.
Technology shares in Hong Kong jumped more than 4% while a China property stock gauge was on course to post the biggest gain since December as the nation’s top leaders used a crucial Politburo meeting to flag more aid.
Other Asian markets were narrowly mixed, with the benchmark index in Australia marginally higher and Japanese equities trading slightly lower. While the Communist Party’s top decision-making body fell short of announcing large-scale stimulus, it signaled more support for the troubled real estate sector, alongside pledges to boost consumption and resolve local government debt.
That helped give bullish momentum for equity traders. “For the property sector, the country’s top policymakers did not reiterate the previously-repeated message of ‘housing is for living in but not for speculation’,” Jizhou Dong, head of China property research at Nomura Holdings Inc., wrote in a note.
