Asia Markets Mostly Up As China Data Boosts Shanghai

HONG KONG, (UrduPoint / Pakistan Point News -8th Sept,2016) - Asian markets mostly rose Thursday, extending a recent run of gains while Hong Kong and Shanghai were boosted by data showing Chinese imports rose in August for the first time in almost two years.

Regional shares have enjoyed a strong run since the start of the month, fuelled by optimism about the state of the US economy and the prospects of borrowing costs being kept at ultra-low levels until at least December.

The rally petered out Wednesday but many markets saw an afternoon recovery Thursday. Tokyo closed down 0.3 percent but the standout performer was Nintendo, which soared on news it had developed an exclusive Super Mario game for Apple.

Sydney lost 0.7 percent while Seoul edged up 0.1 percent and Singapore was marginally higher in late trade.

Manila bounced from morning selling to end higher, as did Taipei. "With the Federal Reserve and Bank of Japan (policy) meetings ahead of us, investors can't make any outsized moves before the major events are over," Takashi Hiroki, chief strategist at Monex Securities in Tokyo, told Bloomberg News.

"We have a lack of reasons to move, and have been seeing a directionless market for some time." Shanghai finished 0.1 percent higher, climbing out of the red thanks to the trade figures, while Hong Kong ended up 0.8 percent.

China's customs department said August imports rose 1.5 percent on-year, the first increase in 22 months, while exports fell less than expected thanks to weakness in the country's Yuan Currency.