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China’s measures boost Asian shares
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Asian markets mostly rose yesterday, boosted by China’s reforms aimed at giving private firms a greater role in the economy.
Traders were given another strong lead from Wall Street, where the Dow and S&P 500 closed Friday at record highs for the third straight session.
Tokyo ended flat, giving up earlier gains following a 4 percent rise over the previous two sessions. The Nikkei edged down 1.62 points to 15,164.30.
Hong Kong rose 2.73 percent, or 627.91 points, at 23,660.06.
Seoul rose 0.26 percent to close at 2,010.81 but Sydney slipped 0.31 percent to 5,384.7.
Traders were cheered after China on Friday released a blueprint for restructuring the world’s No. 2 economy that pledged to open up the financial sector and relax restrictions on investment.
It also said leaders planned to improve the country’s initial public offering system to adopt a more market-oriented approach.
Buying sentiment was also lifted by comments from the woman tipped to take over as the next US Federal Reserve chief, which indicated she would maintain its stimulus programme.
Janet Yellen told senators reviewing her nomination that growth was still too fragile and unemployment too high to begin cutting the bond-buying scheme, which has boosted the economy.
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