Miners Keep ASX in the Green as Beijing Unveils Stimulus

The indicator board at the Australian Securities Exchange (ASX) is seen in Sydney, Australia, on Feb. 5, 2019. AAP Image/Dan Himbrechts

The local bourse has gained ground, with the mining sector enjoying its best day in four months as Beijing unveiled new stimulus measures to prop up its ailing economy.

The benchmark S&P/ASX200 index on Tuesday closed up 33.3 points, or 0.46 percent, to 7,339.7, while the broader All Ordinaries gained 37.4 points, or 0.5 percent, to 7,554.7.

The mining sector rose 2.7 percent, its best day since a 2.9 percent rise on March 2, with BHP alone responsible for two-thirds of the ASX200’s gains on the day.

The Australian dollar was buying 67.68 U.S. cents, from 67.38 U.S. cents at Monday’s ASX close.

By Derek Rose.