China stocks rose for a second day amid speculation the government has resumed its intervention in the equities market.
The Shanghai Composite
Index climbed 1.4 percent to 3,125.45 at 9:34 a.m., paring this week’s
loss to 11 percent. The benchmark index rallied 5.3 percent on Thursday
with all of the gains coming in the last 45 minutes of trading.
PetroChina Co. led a rally for energy producers after crude futures
soared 10 percent in New York on Thursday. The offshore yuan rose after
the central bank boosted the currency’s reference rate by the most in
five months.
Policy makers want to
stabilize equities before a Sept. 3 military parade celebrating the 70th
anniversary of the World War II victory over Japan, said two of the
people, who asked not to be identified because the move wasn’t publicly
announced. The shift followed the absence of state buying earlier this
week.
The Shanghai Composite
has fallen 40 percent since the June peak amid concern the government
has scaled back efforts to prop up equities and the deepning economic
slowdown will hurt corporate profits. Data on Friday showed industrial
companies’ profits slid for a second month, dropping 2.9 percent in
July.
Source : Bloomberg
0 komentar :
Post a Comment