Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher

HONG KONG, China — Stocks in mainland China and Hong Kong tumbled on another volatile day Wednesday after Beijing disappointed investors over a lack of fresh stimulus and scant detail on its plans for implementing a raft of measures already unveiled.

After blockbuster performances in the wake of last month's announcements to kickstart growth, traders were left deflated after a news conference on Tuesday fell short of expectations and revived worries about the outlook.

A rally on Wall Street, helped by a plunge in oil prices and optimism over the US economy, did little to lift sentiment on Chinese trading floors, although most other markets in Asia enjoyed gains.

Investors are now keeping tabs on developments out of Beijing after it said Finance Minister Lan Fo'an would hold a Saturday briefing on fiscal policy.

Traders are hoping for more indications about officials' plans, although analysts warn there is unlikely to be the big "bazooka" stimulus akin to the support seen during the global financial crisis.

Shehzad Qazi at China Beige Book said the news conference "underscored that Beijing does not feel the need to do 'whatever it takes'.

"Instead it's opting for targeting stimulus -- including allocating funds for projects previously announced. The irony is markets would've continued rallying had there been no press conference.

"The only upside of (Tuesday's) event was injecting a much-needed dose of reality."

Hong Kong had soared more than 20 percent between the first batch of measures being announced and Monday, but it collapsed more than nine percent on Tuesday -- its worst day since 2008.

After swinging in the morning, the Hang Seng Index fell more than one percent Wednesday as traders struggled to get back on track.

Shanghai ended down more than six percent -- having seen a 10 percent opening rally Tuesday pared to just over four percent by the end of the day.

Still, most other markets in the region rose as investors took their lead from New York, where tech firms led the way on optimism over the world's top economy in the wake of Friday's forecast-topping jobs data.

Tokyo rose, with Seven & i Holdings -- the owner of the 7-Eleven convenience store chain --