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Asian market latest: Asian markets move higher as China announces plans to help the economy



Hong Kong's Hang Seng Index ( HSI ) was up 0.8% at midday, while China's Shanghai Composite Index ( SHCOMP ) got 0.7%. Both had traded lower in the past.
China previously said it would increase its efforts to increase disposable income and stabilize employment. The National Development and Reform Commission announced these plans during a press conference.
Hong Kong has also recently implemented measures to avert a recession. On Thursday, the city government unveiled a stimulus package worth about $ 1
9 billion in Hong Kong dollars ($ 2.4 billion).
Some companies trading in Hong Kong and Shanghai also had good earnings. Ping An Insurance ( PIAIF ) China's largest insurance company, climbed 3% in Hong Kong after experiencing a 68% wave in the first half. Its Shanghai-traded shares also gained 2.2%.
Tsingtao Brewery ( TSGTF ) China's second largest beer producer, rose 10% in Shanghai, after net profit increased more than 25% for the first half. Hong Kong-traded shares jumped 11.5%. Its larger rival China Resources Beer ( CRHKY ) most famous for Snow beer, increased by 7.2% in Hong Kong after achieving a net gain of 24% for first half of the year.

Australia's S & P / ASX 200 cuts between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.

Japan's Nikkei ( N225 ) was 0.1% higher after lower opening. South Korea's Kospi ( KOSPI ) fell 0.8% when it reopened Friday, after Thursday's public holiday.
Trade tensions in the United States and China continue to be a concern. [19659005] On Thursday, China said it would "take necessary action" after the United States announced earlier this month a new 10% US $ 300 billion tariff on Chinese goods. But a foreign ministry spokeswoman later reassured the investor's fears that China is still hopeful of a possible trade deal.

Here are some other great features and talking points at 12.45. Hong Kong Time:

  • Tencent ( TCEHY ) the Chinese social media and gaming giant, continued to fall after it warned of future challenges for their business. It was last down 0.9%.
  • On Thursday, Dow ( INDU ) rose about 100 points, or 0.4%, and recovered some of the major losses in the previous session. S&P 500 ( INX ) ended 0.25% higher. But Nasdaq ( COMP ) with its many technology companies, dipped 0.1%.
  • Alibaba ( BABA ) the Chinese online store giant, jumped 3% on Wall Street after reporting sales that hit the market estimates. Revenue rose 42% in the last quarter .

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