Australia’s benchmark S&P/ASX 200 index (.AXJO) rose 0.3 percent to 5,204.2, its fourth straight day of gains and touching its highest intraday level since August. 31, helped by gains in materials, energy and resource-related stocks as investors sought bargains after months of heavy selling. The Philippine peso snapped a six-day increase and Indonesia’s rupiah fell after surging the most since 2008. As of the end of September, the Shanghai stocks were valued at 11.9 times forward earnings, below its historical average of 14.4 times.
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“We believe it provides investors the ability to access our IMAX China business directly, and provides greater clarity into the performance of those assets in the fastest-growing entertainment market in the world”.
Further upside is tipped because of expectations that the Shanghai Composite Index might climb by as much 10 percent when it resumes trading today and as it tries to catch up with overseas markets.
Policy makers are increasing targeted stimulus as five interest-rate reductions since November failed to reverse an economic slowdown.
Internet and software companies led the gains on Thursday.
The Shanghai Composite headed for the steepest advance in three weeks. A court in Brazil recommended Congress reject government accounting practices for the first time since 1937, in a decision that could be used as legal justification to impeach President Dilma Rousseff.
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The Shenzhen Composite Index, which tracks stocks on China’s second exchange, surged 4.00 per cent, or 68.61 points, to 1,785.39. “They’ve been closed for the last five trading days during which global equities rallied steadily, including overnight in the US”, added Tim Condon, head of research for Asia at ING Bank.
