Chinese stocks jumped after authorities announced a slew of measures to woo back investors including a reduction of the stamp duty on stock trades and a slower pace of initial public offerings. The yuan also strengthened.
The CSI 300 Index of mainland shares rallied as much as 5.5% early Monday before paring, with some brokerage stocks rising by the limit. The Hang Seng China Enterprises Index rose 4.1%, while the Hang Seng Index advanced more than 3%.
“The scale, force and speed of the measures all beat expectations,” China International Capital Corp. analysts including Pu Han wrote in a note. “The increasing force of the policy tools will lift market confidence, amplifying the positive signal for the market.” The raft of changes this time are expected to bring the equivalent of 750 billion yuan of new funds into the market per year, according to estimates from Huatai Securities. “New restrictions on share sales in effect keep around 250 billion yuan of funds from selling, and bring the strongest benefit to liquidity” among the measures, wrote analysts including Wang Yi.
Authorities this month urged pension funds, large banks and other big domestic financial institutions to increase stock investments to support the market. Regulators have also cut handling fees on stock transactions, prodded mutual fund managers to increase purchases of their own equity funds and encouraged companies to do more share buybacks.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
China Markets Rally as Authorities Take Steps to Lift SentimentChinese stocks jumped after authorities announced a slew of measures to woo back investors including a reduction of the stamp duty on stock trades and a slower pace of initial public offerings. The yuan also strengthened.
Lire la suite »
China Markets Rally as Authorities Take Steps to Lift SentimentChinese stocks jumped after authorities announced a slew of measures to woo back investors including a reduction of the stamp duty on stock trades and a slower pace of initial public offerings. The yuan also strengthened.
Lire la suite »
Head of Japan coalition partner postpones China visit at China's requestTOKYO (Reuters) - The head of Japan's Komeito party, the junior partner in the coalition government, will postpone his planned visit to China at ...
Lire la suite »
China's 'aggressive behaviour' in South China Sea must be challengedMANILA (Reuters) - China's
Lire la suite »
Oil ticks higher after China moves to support flagging economyOil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost struggling markets. 'Unfortunately, after last week's modest (Chinese central bank interest) rate cut, the announcements above amount to another piecemeal measure that won't alter investor gloom towards China,' he added.
Lire la suite »
Historically stormy month of September may test U.S. stock rallyIn Septembers since 1945, the S&P 500 has declined an average of 0.7%, the worst performance of any month
Lire la suite »