Chinese markets in the black on opening
China’s main stock market has shown signs of bouncing back, up to almost 3000 points on opening.
The Shanghai composite index was up 0.53% on opening, trading at 2980.79, while the Shenzhen – the second largest stock market – opened at 1745.078 points.
This follows efforts by Chinese government to prop up the market. Yesterday, authorities again cut interest rates and loosened monetary policy.
The government made it clear not long after the announcement that it won’t intervene directly in the stock market anymore.
This good opening market news will be welcomed by Chinese investors after the Shanghai Composite Index went tumbling 6.41% after opening yesterday morning.
This was preceded by China's biggest market’s nosedive yesterday of 8.49%, the biggest fall for more than eight years.
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