HONG KONG, Oct 9, (AP): Stocks in China slumped on Wednesday, with Shanghai’s benchmark down 6.6% and Hong Kong’s losing 1.5% as investors dumped shares to lock in profits after recent rallies driven by hopes for major economic stimulus. Other Asian markets rose, while U.S. futures fell back. Oil prices advanced.

Details of economic stimulus plans from officials in Beijing have failed to live up to lofty expectations that had built up after the central bank and other government agencies announced various policies to help revive the ailing property market and spur faster economic growth. The moves announced in late September fueled a rally that has since fizzled.

A news conference by the Finance Ministry due to be held on Saturday could provide further details on government spending that so far have fallen short of what investors have been hoping for. The Shanghai Composite lost 6.6% to 3,258.86 after it gained 4.6% Tuesday as it reopened from a weeklong national holiday.

The CSI300 Index, which tracks the top 300 stocks traded in the Shanghai and Shenzhen markets, gave up 6.2%. The benchmark in the smaller market in Shenzhen dropped 8.1%. Hong Kong's Hang Seng index shed 1.6% to 20,593.98. That followed a plunge of more than 9% on Tuesday. "A lack of new stimulus has been the cause of disappointment, with many market participants hoping that its fiscal policies will follow in the footstep of the financial ‘bazooka’ delivered in late-September, but there was clearly a step-down in yesterday’s announcement,” Yeap Jun Rong of IG said in a commentary.

The Shanghai Composite is still up 5.2% from a year ago and more than 10% in the past three months. Hong Kong's index is up nearly 18% from a year earlier. In Tokyo, the Nikkei 225 index advanced 0.9% to 39,277.96. Shares of the Japanese retailer Seven & i Holdings gained 4.7% after media reported that Canadian convenience store operator Alimentation Couche-Tard had increased its takeover bid by about 20%.