الأحد , يونيو 14 2020

Chinese shares end three-day slide

Shanghai stock board

Things are looking up again for Chinese stocks

Shares in mainland China bounced back significantly on Wednesday as the government’s moves to calm investors restored some stability to the market.

The benchmark Shanghai Composite closed 3.4% higher at 3,789.17 – ending a three-day slide that included an 8% plunge on Monday.

Authorities tried to calm markets with a probe into illegal share “dumping”.

They also pledged to buy stocks, while the central bank hinted at possible further easing.

Investors’ confidence was also boosted by a higher close overnight for Wall Street, with the Dow Jones breaking a five-day losing trend.

Hong Kong’s Hang Seng was also higher, ending up 0.5% to 24,619.45 points.

Rest of Asia

In Japan, retail sales came in 0.9 % higher for June compared with the previous year, almost double forecasts.

But the Nikkei 225 failed to pick up on the positive cues and closed flat at 20,302.91 points.

Investor sentiment was pulled down by poor earnings reports, with both Fanuc and Tokyo Electron cutting their full-year forecasts. Shares in both companies fell 10% in early trade.

In Australia, the ASX/200 was boosted by both Wall Street and the encouraging signs from China. The index finished up by 0.7% to 5,624.20 points.

In South Korea, the benchmark Kospi index closed flat at 2,037.86.

Investors across the region were also looking ahead to the US Federal Reserve, which finishes its regular two-day meeting later on Wednesday.

There are hopes that the Fed might give some signals about the timing of an interest rate raise later in the year.

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