Chinese Brokerages Rally to Stabilize Market Amid Trade War Pressures

Top Chinese brokerages and listed companies are taking unified actions to stabilize domestic share prices amid an intensifying trade war. A meeting organized by the Shanghai Stock Exchange emphasized market stability, with multiple firms promising stock buybacks to bolster confidence as U.S.-China trade tensions escalate.

In a unified attempt to stabilize domestic share prices, leading Chinese brokerages have pledged concerted efforts, confirmed the Shanghai Stock Exchange. The move comes as numerous listed companies initiate stock buying plans to counter the impact of an escalating trade war.

The Shanghai bourse announced on Tuesday that it convened 10 major brokerages, including Citic Securities and Orient Securities, to emphasize the critical need for market stability amid external shocks. Despite prevailing tensions, participants expressed optimism about China's economic growth and committed to market support.

The U.S. has announced 104% duties on imports from China, intensifying trade disputes. In response, over 100 Chinese companies revealed plans for stock purchases, seeking to restore confidence amid market downturns. Government-controlled companies, including PetroChina and Sinopec, also revealed buyback intentions under state asset regulator guidance.

(With inputs from agencies.)