SINGAPORE — Shares in Asia-Pacific were largely higher in Wednesday trade as China kept its benchmark lending rate unchanged.
The Hang Seng index in Hong Kong rose 1.31% by the afternoon, leading gains among major markets in the region.
Mainland Chinese stocks edged higher, with the Shanghai composite hovering above the flatline while the Shenzhen component rose 0.283%.
China on Wednesday kept the one-year loan prime rate (LPR) unchanged at 3.85% while the five-year LPR was also held steady at 4.65%. That was in line with expectations from a majority of traders and analysts in a snap Reuters poll who had predicted no change in both the one-year loan prime rate as well as the five-year LPR.
China real estate shares slip
Hong Kong-listed shares of Chinese real estate firms mostly slipped on Wednesday as developments surrounding debt-ridden China Evergrande Group and signs of slowing property sales weighed on investor sentiment.
By Wednesday afternoon in Hong Kong, shares of China Vanke fell 2.38% while Country Garden declined 0.76% and Sunac dropped 0.86%. Still, the Hang Seng Properties Index hovered 0.32% higher.
Evergrande shelved plans to sell a majority stake in its property services business, Reuters reported.
Official data released Wednesday also showed growth of new home prices in China stalling in September for the first time since Feb. 2020, according to Reuters. China Beige Book's Leland Miller told CNBC on Tuesday that China needs new growth drivers as its property sector slows down.
Other Asia-Pacific markets rise
Japan's Nikkei 225 climbed 0.35% while the Topix index edged 0.26% higher. Shares in Australia advanced, with the S&P/ASX 200 gaining 0.72%.
South Korea's Kospi lagged as it dipped 0.15%.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.79%.
The International Monetary Fund on Tuesday slashed its 2021 economic growth forecast for Asia, now expecting the region to grow by 6.5% this year. That compared against the IMF's April forecast for a 7.6% expansion.
Overnight stateside, the S&P 500 rose 0.74% to 4,519.63 while the Dow Jones Industrial Average gained 198.70 points to 35,457.31. The Nasdaq Composite advanced 0.71% to 15,129.09.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.723 following a recent bounce from below 93.6.
The Japanese yen traded at 114.48 per dollar, weaker than levels below 114 seen against the greenback yesterday. The Australian dollar changed hands at $0.7492 following yesterday's climb from below $0.745.
Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures slipping 0.51% to $84.65 per barrel. U.S. crude futures shed 0.42% to $82.61 per barrel.
Hong Kong stocks lead gains in Asia as China keeps its benchmark lending rate unchanged - CNBC
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