China: Stocks end near 3-month high on policy support

[SHANGHAI] Chinese stocks rose on Tuesday to their highest in nearly three months, as a series of government measures and improving economic data revived investor appetite for riskier assets, but thin volumes indicated that confidence remained fragile.

The blue chip CSI300 index rose 1.3 per cent, to 3,264.49, while the Shanghai Composite Index gained 1.4 per cent, to 3,053.07 points. Both indexes closed at their highest since Jan 8.

Beijing has unveiled policies to aid China's struggling economy, including more infrastructure investment, tax reforms and plans for debt-to-equity swaps to help ease banks' troubled loan portfolios.

All main sectors rose, with banking stocks underperforming the market as investors weighed the impact of the potential debt-to-equity swap scheme.

REUTERS