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.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
