“Chinese stocks posted their biggest daily gain since 2008 on a wave of government stimulus.”, — write: www.epravda.com.ua
Chinese stocks posted their biggest daily gain since 2008 on a wave of government stimulus.
About this informs Reuters.
Chinese shares posted their biggest one-day gain in 16 years and domestic A-shares posted their highest turnover ever as investors scrambled to join a fiery rally sparked by Beijing’s latest economic stimulus measures.
The CSI300 blue-chip index is up nearly 30% from its February low, which by some market definitions suggests it’s in a bull market, but most of that gain has happened very quickly and in a few sessions since last week
The surge in Chinese stocks came amid the most aggressive stimulus measures since the pandemic that Beijing announced last week – from sweeping rate cuts to fiscal support – in a bid to shore up its ailing economy.
Meanwhile, the broader Shanghai Composite Index (.SSEC), will open in a new tab, posted a total turnover of $166.84 billion, up 8.1%.
That’s a five-day gain since last Tuesday, when Beijing began rolling out stimulus measures to stem a slowdown in the broader economy, reaching 21.4%, the highest since 1996.
Similarly, the smaller Shenzhen index soared 11% to register a turnover of 1.4 trillion yuan.
The Hang Seng posted its best month since November 2022, rising 17%, after last week’s biggest weekly gain since 1998 and fifth biggest in half a century.