China shares hit five-year high on Beijing growth talk

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Shanghai Composite Index

Last Updated at 17 Nov 2017, 07:26 GMT SSE Composite one month chart
value change %
3382.91 -

Chinese shares bucked the region's downtrend to hit five-year highs after Beijing said it had plenty of scope to adjust policies to boost growth.

Premier Li Keqiang said on Sunday that policymakers would prop up the economy if growth was at risk of breaching a lower limit.

The benchmark Shanghai Composite closed up 2.27% 1.8% at 3,449.31 - the highest level since August 2009.

Hong Kong's Hang Seng index reversed losses to close up 0.53% at 23,949.55.

The rest of Asia traded more cautiously after a downbeat session on a Wall Street.

Friday's weak US inflation data failed to derail expectations that the Federal Reserve would tighten monetary policy soon

In Japan, the Nikkei 225 closed slightly up - 0.11% - at 19,274.95 after ending above 19,000 points for the first time in 15 years on Friday.

The dollar eased against the yen to 121.22 from 121.44 yen in New York on Friday.

Shares of Toyo Tire & Rubber fell more than 16% after it announced last week that its subsidiary had falsified data to get government approval for an earthquake shock-absorption material.

It closed down 12.5%.

Volatile market

Australian shares pared back earlier heavy losses but still close slightly lower.

The benchmark ASX 200 index ended down 0.32% at 5,769.70 after falling nearly 1% in morning trade.

The market has been volatile in the past month, with the benchmark rising 3.5% and then losing the same amount.

In South Korea, the Kospi index closed closed up 0.08% at 1,987.33 points.

Investors seemed unmoved by data showing the country's exports were down 3.3% in February and that imports fell 19.7% from a year ago.

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