Chinese stocks in Shanghai and Hong Kong soared Wednesday, shaking off weak sentiment that hurt their performance over the last several days, on speculation the mainland government was considering a fiscal stimulus package.
China's Shanghai Composite jumped 5.8% to 2,479.31 in morning trading, adding on to its 1.1% advance Tuesday.
In Hong Kong, the Hang Seng China Enterprises climbed 3.1% to 11,045.52, while the benchmark Hang Seng Index rose 1.7% to 20,836.47.
The gains came after Chinese vice-premier Li Keqiang Tuesday said that there was a need to increase household incomes and rural consumption, to cope with a weakening global economy, according to reports.
But some analysts were skeptical the market gains could be sustained.
"I think it's just a technical bounce and the trend is still downward," said Linus Yip, strategist at First Shanghai Securities in Hong Kong. "I think a stimulus package won't be able to give an instant boost to the Chinese economy, which is passing through a difficult time," he added.
Meanwhile, the Nikkei 225 Average gave up 0.3% to 12,828.54 and the broader Topix index fell 0.5% to 1,229.23.
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