Hong Kong, Shanghai defy Asia slump on stimulus hopes

[Wireless News]

http://l.yimg.com/bt/api/res/1.2/pEny_F1gv9pJKV3NeSDvyg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/afp.com/25f4c2935dba26bae245e9b44fc3cdac0a0d6d58.jpg (http://news.yahoo.com/hong-kong-shanghai-defy-asia-slump-stimulus-hopes-025038137.html)Equities in Hong Kong and Shanghai extended their rally Friday on hopes for new economy-boosting measures from China, but most other Asian markets retreated following more weak US data and losses on Wall Street. In the afternoon Shanghai climbed 2.37 percent and Hong Kong added 0.22 percent. A string of poor Chinese indicators have fuelled a rally in Shanghai's benchmark index over the past year and now mainland investors are turning their attention to Hong Kong, buying what they consider cheap assets. The southward flood of cash saw turnover in Hong Kong hit record highs twice last week as traders make the most of a link-up between the city's exchange and the bourse in Shanghai.



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