Chinese financial and property names were the nation’s biggest stock beneficiaries on Tuesday after policy makers signaled their determination to shore up the economy.
Gains were also seen in companies from heavy machinery makers to appliance manufacturers, though the broader market’s advance was muted as some investors fretted economic conditions may be softer than anticipated.
The CSI Financials Index closed 1% higher after the central bank’s announcement Monday of a cut to the reserve requirement ratio. A gauge of Shanghai-listed developers gained 1.4% while its Hong Kong counterpart rose 1.8% after the Communist Party’s Politburo signaled an easing in curbs on the real estate industry.