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Asian shares mixed on G20 and China

by Himanshu Singh on Feb 24, 2014 at 04:08

Asian shares mixed on G20 and China

Asian shares were trading mixed on Monday in morning session as investors weighed the Group of 20's latest commitment to spur faster global growth and as China’s central bank signalled the nation’s economy can sustain growth of 7% to 8%.

The Shanghai Composite fell 1.7% and Hong Kong's Hang Sang Index declined 1% after Chinese local media reported that a medium sized bank has tightened its financing to property developers. The news pressured large property developers pulling them down sharply, with China Vanke sinking 5.9% in Shenzhen and Gemdale Corporation plunging 5.5% in Shanghai.

In Australia, G20 officials ended a summit saying that they would look to boost global growth by more than $2 trillion over the next few years under a strategy crafted by the International Monetary Fund.

As per the plan, developed economies would continue to implement easy money policies, while emerging markets would work to restructure their economies and keep inflation at bay.

Australia's S&P/ASX 200 was up 0.1% as the market shed its gains early in the session after Chinese markets opened weak. In corporate news, retailer Wesfarmers lost 2.7% and Telstra Corp. was 2.4% lower.

Singapore's Straits Times Index added 0.2%, the Philippines PSE added 1%, and South Korea's Kospi fell 0.3%.

In Japan, the Nikkei started the session with a fall, but quickly flipped into positive territory, as the yen weakened slightly in Asian trade. The Nikkei Stock Average was up 0.2%, with the dollar last at ¥102.52, compared with ¥102.48 late Friday in New York.

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