SHANGHAI: China stocks jumped on Thursday on expectations that Beijing will take more aggressive measures to stimulate the economy, while an official’s speech also helped sentiment.
China stocks slump to 1-month low
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President Xi has told China’s financial cadres that active monetary policy toolkit must include a controversial means of injecting liquidity into the economy, South China Morning Post reported on Thursday.
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Top legislator Zhao Leji said on Thursday that China’s economy will provide a strong driving force for the world recovery, promising the door of the country’s opening can only get bigger. China will reduce “negative list” for foreign investors, he said.
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Also helping sentiment, sources said that China plans to issue some policy bank bonds earlier in the second quarter ahead of planned sales of special treasury bonds.
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Broad Asian markets also rose, and investors are waiting on US core inflation figures due on Friday to gauge the Federal Reserve’s rate cut pace.
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At the close, the Shanghai Composite index was up 0.59% at 3,010.66.
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The blue-chip CSI300 index was up 0.52%. Its financial sector sub-index was lower by 0.68%, the consumer staples sector down 0.15%, the real estate index down 0.21% and the healthcare sub-index up 0.16%.
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The smaller Shenzhen index ended up 1.72% and the start-up board ChiNext Composite index was higher by 0.954%.
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At the close of trade, the Hang Seng index was up 148.58 points, or 0.91%, at 16,541.42. The Hang Seng China Enterprises index rose 1.44% to 5,810.79.
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The sub-index of the Hang Seng tracking energy shares rose 2.1%, the IT sector rose 2.05%, the financial sector ended 0.22% lower and the property sector dipped 0.28%.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.38%, while Japan’s Nikkei index closed down 1.46%.
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