Asian stock markets rose Wednesday as investors remained hopeful that policymakers in the U.S. and China would announce monetary easing measures to boost the global economy and rejuvenate economic growth momentum.
The Chinese Shanghai Composite rose 0.39 percent or 8.17 points to 2128.72. Hong Kong's Hang Seng was up 0.99 percent or 195.91 points to 20053.79. Among the major gainers were Sino Land Co Ltd (2.68 percent) and Citic Pacific Ltd (2.66 percent).
South Korea's KOSPI Composite Index climbed 1.56 percent or 29.95 points to 1949.95. Shares of Samsung Electronics Co Ltd rose 2.39 percent and those of LG Electronics Inc fell 0.42 percent.
Japan's Nikkei Stock Average was up 1.46 percent or 128.15 points to 8935.53. Among major gainers were Ricoh Co Ltd (3.88 percent), Dentsu Inc (3.72 percent) and Shimizu Corp (3.23 percent).
India's BSE Sensex rose 0.46 percent or 81.59 points to 17934.54. Among major gainers were Reliance Communications Ltd (1.36 percent), Cipla (1.17 percent) and Sun Pharmaceuticals (1.02 percent).
Continue Reading Below
Investor confidence was lifted amid hopes that the U.S. Federal Reserve would announce monetary easing measures this week to revive the economic growth momentum. The weak jobs report presented last week by the U.S. Bureau of Labor Statistics is expected to put additional pressure on the Fed to announce another round of quantitative easing measures in September.
During his speech at the Jackson Hole Symposium August 31, Fed Chairman Ben Bernanke indicated that unconventional monetary policy worked and that the economy needed more of it. Investors took it as a positive sign that the Fed would announce quantitative easing measures soon.
Market sentiment turned positive on hopes that China would announce stimulus measures to rejuvenate its economy after Chinese Premier Wen Jiabao, while speaking at the World Economic Forum in Tianjin Tuesday, indicated that the government would step up fiscal and monetary measures to support growth.
There have been fears of a hard landing after data showed earlier last month that China's economy slowed down to 7.6 percent in the second quarter, down from 8.1 percent in the first quarter.
China's industrial production grew at a reduced pace in August compared to that in July, indicating that the weakening global demand and the debt burden faced by the euro zone are adversely affecting the country's economy.