TOKYO -- Shares soared Tuesday in Shanghai as Chinese markets reopened after a weeklong holiday but then gave up a chunk of their initial gains as officials in Beijing outlined details of plans to revive the world's second-largest economy.The Shanghai Composite index was up 5.5% at 3,519.88 and in Shenzhen, Japan's smaller market, the main index gained 5.3%.The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier meant to address key problems such as a property market slump.Hong Kong’s Hang Seng sank 5.8% to 21,758.45 as traders sold to lock in profits from recent gains.
“China's markets rally has hit a wall, leaving investors deflated.The reopening surge from the week-long holiday barely had time to gather steam before fizzling out, and now the once-thrilled bulls are licking their wounds,” Stephen Innes of SPI Asset Management said in a commentary.Elsewhere in Asia, markets were mostly lower.
Tokyo's Nikkei 225 index lost 1.2% to 38,861.09.as the dollar fell to 147.91 Japanese yen from 148.18 yen.
A weaker yen tends to push share prices higher.The Kospi in Seoul declined 0.5% to 2,596.38.
Australia's S&P/ASX 200 edged 0.2% to 8,187.10.On Monday, U.S.
stocks slid after Treasury yields hit their highest levels since the summer and oil prices continued to climb.The S&P 500 dropped 1% to 5,695.94 and is still close to its all-time high set a week earlier.The Dow Jones Industrial Average fell 0.9% to 41,954.24, coming off its own record.
The Nasdaq composite sank 1.2% to 17,923.90.It’s a stall for U.S.stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation.
A blowout report on U.S.jobs growth released Friday raised optimism about the economy and hopes that the ...