Hong Kong rallies to lead Asian shares

Hong Kong shares continued to make big gains on Wednesday, rallying to lead Asia as mainland Chinese markets remained closed for holidays.

The benchmark Hang Seng index ended up 3.1% to 22,515.76 - hitting its highest close since 20 August.

The gains were led by financials and energy stocks a day before the mainland markets are set to reopen after the week-long Golden Week Holidays.

Japan's Nikkei 225 index closed up 0.8% at 18,322.98 points.

Investors seemed unfazed by the Bank of Japan's (BoJ) decision not increase current stimulus measures to boost the economy as expected by some analysts.

"The BoJ evidently feels things are going in the right direction, which is fairly bizarre in itself," said Chris Weston, market analyst from IG Markets.

"But there is little doubt to me that one of the single biggest macro risks over the next few years will be the Japanese fiscal position and ultimately how, or if, they stop [quantitative easing]."

Investors' sentiment was also rattled in some markets by the latest report from The International Monetary Fund, which has downgraded its forecast for global economic growth this year.

It has reduced its figure to 3.1%, down from the 3.3% it predicted in July. The 2016 forecast is down to 3.6% from 3.8%.

In Australia, the S&P/ASX 200 reversed earlier losses to close up 0.59% at 5,197.90 - also given a boost by energy-related stocks, together with banking shares.

In South Korea, the Kospi index closed up 0.76% at 2,005.84.

Shares in the country's electronics giant Samsung closed up more than 8% after the firm estimated its third-quarter operating profit would be 7.3 trillion won ($6.29bn; £4.13bn) - up nearly 80% from a year earlier.