China reopens with a bang but fails to lift Asia stocks
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Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing's aggressive stimulus measures showed no signs of easing. The optimism though failed to spill over into other share markets in Asia, particularly Hong Kong, which reversed some of the rally it enjoyed while China was out on a week-long holiday. China's CSI300 blue-chip index surged 10% in early trade to its highest level since July 2022, while the Shanghai Composite Index jumped roughly the same amount to its highest mark since December 2021. But Hong Kong's Hang Seng Index tumbled 3.9%, with the Hang Seng Mainland Properties Index sliding more than 7%. That left MSCI's broadest index of Asia-Pacific shares outside Japan down more than 1%. "I think the movement today basically just explains that in the Chinese onshore market, it's just rising to a level that investor...