SHANGHAI: China shares rose on Thursday, extending a jump from the previous session after the country’s top policymaker assured markets of stability and support, while hope of a breakthrough in ceasefire talks between Russian and Ukraine also boosted sentiment.
The blue-chip CSI300 index rose 2.0%, to 4,237.70, while the Shanghai Composite Index gained 1.4% to 3,215.04 points.
The benchmark Shanghai index had been at its lowest in nearly 21 months and down 16% for the year until Tuesday, hobbled by fears of a blowback on China from its dealings with sanctions-hit Russia, uncertainty in global demand and, in recent days, a spike in domestic COVID-19 cases that threatens to disrupt economic activity.
Vice Premier Liu He’s assurances on Wednesday have helped it retrace a third of the losses.
The Hang Seng index jumped 7.0%, to 21,501.23, while the China Enterprises Index gained 7.5%, to 7,407.57 points. Both indexes, which have borne the brunt of selling of Chinese stocks this year, logged their biggest two-day gain since 1998.