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    China stocks rebound from 15-month low after state media's call for support

    Synopsis

    The blue-chip CSI300 index rose 0.7% to end at 4,712.31, while the Shanghai Composite Index gained 0.7% to 3,455.67.

    China marketsAgencies
    China's blue chips dropped to a 15-month low on Tuesday, on concerns of tightening Fed policies, geopolitical tensions in Europe and uncertainties in the market ahead of the incoming Chinese New Year holidays.
    SHANGHAI - China stocks closed up on Wednesday, with the blue chips rebounding from a 15-month low hit in the previous session, after state media urged financial institutions and pension funds to help stabilise markets.

    The blue-chip CSI300 index rose 0.7% to end at 4,712.31, while the Shanghai Composite Index gained 0.7% to 3,455.67.

    "The recent weak performance in the A-share market is an overreaction to negative news," said state-backed Securities Daily in an editorial.

    China's blue chips dropped to a 15-month low on Tuesday, on concerns of tightening Fed policies, geopolitical tensions in Europe and uncertainties in the market ahead of the incoming Chinese New Year holidays.

    The Daily added that financial institutions such as securities firms, fund houses and social security funds should take the responsibility to maintain the stable and sustainable development of China's capital markets.

    The consumer staples sector gained 1.1%, the brokerage index rose 1.8%, while the machinery sub-index jumped 2.2%.

    New energy shares climbed 2%, with the wind power industry up nearly 4%. President Xi Jinping said China's ambitious low-carbon goals should not come at the expense of energy and food security or the "normal life" of ordinary people.

    However, the healthcare sub-index lost 1.9%, as local media 21st Century Business Herald reported that a seventh round of centralised pharmaceutical procurement has been launched, part of a push to lower medical costs for patients.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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