China Stock Market Rises Most in 10 Weeks on Hopes for Increased Government Economic Support

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] On the 2nd, the Greater China stock markets, which started weak, all successfully rebounded in the afternoon. This is seen as reflecting expectations for expanded economic support from Chinese authorities.

On that day, the Shanghai Composite Index, the representative index of the Shanghai Stock Exchange, closed at 3,464.29, up 1.97% from the previous trading day.

The Shenzhen Component Index of the Shenzhen Stock Exchange, which has a relatively high proportion of tech stocks, also closed up 2.25% at 14,798.16.

The CSI300, an index reflecting the trends of 300 blue-chip stocks from the Shanghai and Shenzhen markets, rose 2.6%.

The Shanghai Composite Index and CSI300 recorded their largest daily gains since May 25.

The Hang Seng Index, the representative index of the Hong Kong Stock Exchange, closed up 1.06% at 26,235.80.

Bloomberg reported, "Amid expectations of support from Chinese authorities, the Chinese stock market rose the most in 10 weeks."

It added, "According to Xinhua News Agency, the Communist Party Politburo meeting chaired by Chinese President Xi Jinping promised improvements in approvals for domestic companies' overseas listings."

Bloomberg also analyzed that the announcement by Chinese securities authorities the previous day to strengthen communication with U.S. securities authorities had a positive effect on investors.

This content was produced with the assistance of AI translation services.