China’s stocks climbed
for a second day as speculation the government will accelerate mergers
among state-owned enterprises overshadowed worse-than expected economic
data.
The Shanghai Composite
Index climbed 1.8 percent to 3,812.02 at 10:13 a.m. local time. China
is considering combining China Shipping Group and Cosco Group, its two
major shipping companies, according to people familiar with the matter.
Producer prices fell in July to the lowest level since 2009 and exports
dropped more than expected, data over the weekend showed. The Hang Seng
China Enterprises Index of mainland shares traded in Hong Kong slid 0.7
percent.
The CSI 300 Index rose
2 percent. The Hang Seng Index slipped 0.7 percent. Trading volumes in
the Shanghai Composite were 15 percent lower than the 30-day average for
this time of day.
The Shanghai gauge has
rebounded 8.7 percent since the July low as authorities took
unprecedented measures to shore up markets including banning stake
disposals by major shareholders, suspending initial public offerings and
compelling state-run institutions to support the market with equity
purchases.
Source: Bloomberg
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