Asian stocks rise on upbeat China data

<p>Asian shares were up today as investor confidence improved on upbeat China data.</p>

Asian shares were up today (July 29th) as investor confidence improved after recent encouraging China data and gains in HongKong property stocks.

China Overseas Land & Investment Ltd rose two per cent to HK$23.15 (£1.76), while Hong Kong dollars and Henderson Land Development Co. rose 2.8 per cent to HK$48.00.

Hong Kong's key stock index rose 0.5 per cent to its highest level in more than three years on optimism that the economy is on the path to a full recovery.

The Shanghai Composite Index ended up 0.2 per cent at 2,183.19 points.

"The recent rally of Hong Kong and China stock markets is pretty much liquidity-driven due to favourable fund flow. And fund flow is maybe because the two markets remain relatively lagging behind in terms of the valuation and performance," said Ben Kwong, director at KGI Asia in Hong Kong, quoted by Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.33 per cent, while South Korea's index gained 0.7 per cent to its highest since mid-2011.

Japan's Nikkei rose 0.4 per cent to a six-month high and in Sydney, the S&P/ASX 200 rose 0.2 per cent to 5588.40.

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