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China: Stocks swing as energy shares rally, financials decline
[SHANGHAI] Chinese stocks swung between gains and losses as financial stocks declined and energy producers rallied.
Petrochina Ltd rose, while coal producer Wintime Energy Co. advanced to a record. Huaxia Bank Co and Shanghai Pudong Development Bank Co declined at least 1 per cent after the government said it will allow them to issue certificates of deposits, paving the way for freeing up interest rates.
The Shanghai Composite Index gained 0.5 per cent to 4,933.78 at 10.20am local time after dropping as much as 0.6 per cent. The gauge advanced 6.5 per cent this week through Tuesday, while its 100-day volatility index has surged to the highest level in more than five years.
The CSI 300 Index rose 0.2 per cent.
Hong Kong's Hang Seng China Enterprises Index was little changed, paring a 1.1 per cent drop, while the Hang Seng Index added 0.5 per cent. The Bloomberg China-US Equity Index, the measure of the most-traded US-listed Chinese companies, added 0.4 per cent in New York on Tuesday.
Lenders will be allowed to issue the certificates to individuals and companies, according to rules published by the People's Bank of China on Tuesday. The minimum size for individuals will be 300,000 yuan (S$65,200) and 10 million yuan for corporates, it said.