Pursuits
Asian Stocks Gain as Shanghai Composite Jumps to Two-Month High
- Chinese brokerages surge as controls on margin lending eased
- Philippine stocks rise to August high, extends bull market
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Asian stocks rallied in late trading, with a regional gauge erasing declines, as Chinese shares climbed above the 3,000 level for the first time since January after policy makers loosened controls on margin lending.
The MSCI Asia Pacific excluding Japan Index added 0.1 percent, erasing losses of as much as 0.5 percent earlier. Japanese markets are closed for a holiday. More than $4 trillion has been added to the value of global equities this month as stimulus efforts from central banks couple with an oil-driven rally in commodities to burnish investor sentiment. China’s Shanghai Composite Index rallied to a two-month high after policy makers are loosening controls in the stock market.