China: Stocks close up on stimulus hopes

[SHANGHAI] China stocks closed higher on Wednesday as investors bet on further fiscal and monetary stimulus in the second half of 2016, following GDP data on Friday.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.3 per cent to 3,282.87 points, while the Shanghai Composite Index gained 0.4 per cent to 3,060.69.

Analysts said that Tuesday's international tribunal ruling against China on the South China Sea arbitration case had little measurable impact on markets, with investors primarily focused on domestic policy.

Gains were broad-based, with financial and manufacturing shares boosting indexes.

China's economic growth likely cooled to a fresh seven-year low of 6.6 per cent in the second quarter as the industrial sector loses steam and a boost from financial services fades, according to a Reuters poll of 61 economists.

REUTERS