Chinese stocks rose,
led by technology and industrial companies, after the new head of the
securities regulator signaled he’ll keep propping up the equity market
and go slow on reforms that might have flooded exchanges with new
shares.
The Shanghai Composite
Index advanced 0.7 percent. Liu Shiyu, chairman of the China Securities
Regulatory Commission, said it was far too early to think about the
state rescue fund leaving the market, while a new registration-based
system for IPOs would take time. China Overseas Land & Investment
Ltd. headed for its biggest gain in a month in Hong Kong after saying it
will buy property assets held by Citic Ltd. for about 31 billion yuan
($4.8 billion).
The Shanghai gauge
fell 2.2 percent last week as suspected state intervention failed to
reverse losses in the world’s worst-performing equity market. Data over
the weekend showed the nation’s industrial production and retail sales
both grew less than economists forecast in the first two months of 2016,
while China’s broadest measure of new credit for February came in less
than half of the estimate in a Bloomberg survey.
The Shanghai Composite
traded at 2,826.85 at 9:38 a.m. local time. The Hang Seng China
Enterprises Index climbed 1.2 percent, while the Hang Seng Index
advanced 0.8 percent.
Source: Bloomberg
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