Hong Kong shares rose 3 percent as China pledged to support the ailing real estate market.
Hong Kong stocks rebounded strongly on Tuesday after China’s Politburo pledged to “set and optimize policies in a timely manner” for the real estate sector, and the Hang Seng index rose 3 percent.
Beijing’s top decision-making body has pledged to “raise stable employment to a strategic goal” along with commitments to boost consumption and tackle debt risks.
This comes after disappointing economic data last week led to renewed calls for policy support to bolster growth.
Mainland Chinese equities also rose, with the Shenzhen Composite Index rising almost 2 percent and the Shanghai Component Index rising 1.18 percent.
Other Asian markets also rose mostly. South Korea’s Kospi traded close to the straight line, while the Kosdaq gained 1 percent. This comes after the country saw 0.9 percent annual growth in its second-quarter gross domestic product, according to preliminary estimates.
In Australia, the S&P/ASX 200 expanded Monday’s gains, up 0.33 percent. In Japan, however, the Nikkei 225 fell 0.18 percent, while Topix rose 0.13 percent.
Overnight in the US, all three major indices rose as the Dow Jones Industrial Average extended its earnings streak to 11 days, its longest streak since February 2017. The Dow rose 0.52 percent, the S&P 500 rose 0.40 percent and the Nasdaq Composite rose 0.19 percent.