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Shanghai: Stocks snap 3-day slide, support measures anticipated
[HONG KONG] China stocks ended a three-day slide and recorded its biggest daily gain in 1-1/2 weeks on Wednesday, after Beijing reiterated its determination to stabilise its volatile equity markets.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 3.1 per cent, to 3,930.4, while the Shanghai Composite Index gained 3.4 per cent, to 3,789.2 points. "The possibility for A shares to rebound in the following month is quite big given liquidity is rich in the market now and short-selling ability has been largely curbed," said Zhang Qi, an analyst at Haitong Securities in Shanghai. "If confidence comes back, it is not difficult for the index to rise to last Friday's level, which was 4,100 points." Among the most active stocks in Shanghai were China Shipbuilding, up 10 percent to 13.94 yuan and Bank of China, down -0.64 per cent to 4.64 yuan.
In Shenzhen, BOE Technology, up 5.42 per cent to 3.89 yuan and TCL CORP, up 5.22 per cent to 5.04 yuan were among the most actively traded.
Total volume of A shares traded in Shanghai was 43.2 billion shares, while Shenzhen volume was 29.6 billion shares.