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China, Hong Kong Lead Asia Gains

China, Hong Kong Lead Asia Gains

Mainland Chinese and Hong Kong stocks led gains in the region, as Asia-Pacific markets started the final trading week of August higher.

In Japan, the Nikkei 225 index rebuilt 545.71 points, or 1.7%, to 32,169.99, after a collapse on Friday.

In Hong Kong, the Hang Seng regained 174.36 points, or 1%, to 18,130.74, led by consumer cyclicals and health-care stocks.

Australian markets found their way back up again, after the country’s retail sales climbed 0.5% month on month, higher than the 0.3% expected by economists polled by Reuters.

CHINA

The CSI 300 recovered 43.47 points, or 1.2%, to 3,752.62.

Chinese authorities trimmed the stamp duty on stock trades, effective Monday. The finance ministry said the move was meant to “invigorate the capital market and boost investor confidence.”

Shares of the world’s most indebted property developer China Evergrande Group tumbled 87% as trade resumed after 17 months.

In other markets

In Taiwan, the Taiex index peeked higher 27.68 points, or 0.2%, to 16,509.26.

In Korea, the Kospi index restocked 24.27 points, or 1%, to 2,543.41.

In Singapore, the Straits Times Index added 23.8 points, or 0.3%, to 3,189.88.

In New Zealand, the NZX 50 picked up 11.35 points, or 0.1%, to 11,479.01.

In Australia, ASX 200 strengthened 44.66 points, or 0.6%, to 7,159.84.