Asian stocks up on China hopes

<p>A PBOC official said that the country’s stock market correction is “almost over.”</p>

Asian stocks started the week on a positive note today (October 12th) after the deputy governor of the People's Bank of China (PBOC) said that the country's stock market correction is "almost over."

Yi Gang added that the corrections in the mainland's equity market have had limited impact on China's economy due to the implementation of a series of measures to avoid systemic risks, Reuters reports.

Meanwhile, investors also focused on Chinese trade data due tomorrow, hoping that this will spark fresh stimulus from the PBOC. Analysts quoted by AP forecast that China's September imports contracted by 15 per cent from a year earlier, and that exports will also decline.

The Shanghai Composite Index gained 3.4 per cent to 3,290.62 and Hong Kong's Hang Seng advanced 1.4 per cent to 22,763.43. Seoul's Kospi edged up 0.1 per cent to 2,022.28 while Sydney's S&P ASX 200 fell 0.8 per cent to 5,237.00. Japanese markets were closed for a holiday.

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