Asian Shares Shrug Off Latest Wall Street Decline, Weak Chinese Factory Activity

Asian shares rose on Friday, despite another decline on Wall Street and a weakening in Chinese factory activity, reported Elaine Kurtenbach for the Associated Press (AP).

The Shanghai Composite index rose 0.3% to 3,099.72.

Tokyo’s Nikkei 225 increased by 1.2% to 38,119.96, bolstered by reports of major investments from government-backed pension funds and other large institutional investors.

The Nikkei financial news outlet reported that Japan is planning to inject nearly 100 trillion yen ($638 billion) of public money into the markets, led by the Government Pension Investment Fund.

Chinese shares also rose despite an official survey showing further pressure on an economy already struggling with a prolonged property industry crisis. Hong Kong’s Hang Seng index jumped 1.2% to 18,446.05, and the Shanghai Composite index rose 0.3% to 3,099.72.

Elsewhere in the region, Australia’s S&P/ASX 200 gained 0.5% to 7,668.90, and Seoul’s Kospi increased by 0.4% to 2,646.44. In contrast, Taiwan’s Taiex dropped 0.9%, with shares in Taiwan Semiconductor Manufacturing Corp. falling 2%, mirroring declines in other major technology companies.