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China, HK stocks rise as investors cheer policy support

China stocks extended their rally on Monday, with the blue-chip index set for its best daily gain in nearly three months, as investors cheered Beijing's latest policy support for equities. ** The CSI300 index rose 2.4% to 4,795.38 points at the end of the morning session, while the Shanghai Composite Index advanced 2.3% to 3,346.26 points.

Reuters | Hong Kong | Updated: 12-10-2020 10:05 IST | Created: 12-10-2020 09:54 IST
China, HK stocks rise as investors cheer policy support
Representative Image Image Credit: Pixabay

China stocks extended their rally on Monday, with the blue-chip index set for its best daily gain in nearly three months, as investors cheered Beijing's latest policy support for equities.

** The CSI300 index rose 2.4% to 4,795.38 points at the end of the morning session, while the Shanghai Composite Index advanced 2.3% to 3,346.26 points. ** CSI300 was set for best day since July 20, while SSEC was on track for biggest daily advance since Aug 17.

** Leading the gains, the CSI300 financials index and the CSI300 consumer staples index climbed 2.9% and 3.4%, respectively. ** Session's gains came after the index closed higher on Friday on recovery hopes after a week-long holiday break.

** In Hong Kong, the Hang Seng index added 2% to 24,608.71 points, while the Hong Kong China Enterprises Index gained 2.6% to 9,869.16 points. ** China's state council published on Friday the Opinion on Further Improving the Quality of Listed Companies, which includes exploring more long-term evaluation mechanisms for institutional investors to attract more mid and long-term funds.

** China needs to foster a robust market environment now as the country's tech firms need financing from the equities market, said Yan Kaiwen, an analyst with China Fortune Securities. ** Given the policy support, a slow and stable market rally is definitely the big trend going ahead, as the opinion once again stressed the position of China's capital markets, Yan added.

** Guotai Junan Securities also noted in report that the opinion will help boost risk appetite in the market. ** Chinese President Xi Jinping will deliver a key speech in Shenzhen on Wednesday to mark the anniversary of the establishment of China's first special economic zone in the southern city 40 years ago, according to state media Xinhua.

** Shares of Shenzhen-based companies jumped on Monday, as investors cheered Beijing's support for the country's first special economic zone.


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