China stocks near 7-yr highs, property jumps on hopes of policy moves

lunes 23 de marzo de 2015 00:31 GYT
 

* CSI300 +1.9 pct; SSEC +1.6 pct; HSI +0.6 pct

* Securities say the recent stock rally is "rational"

* Major steel makers jump on consolidation plans

SHANGHAI, March 23 (Reuters) - China stocks ended the morning session in Monday near a seven-year high, as bullish investors moved more cash into stocks after regulators said the recent rally is "inevitable and rational."

Deng Ke, spokesman of the China Securities Regulatory Commission (CSRC) told a press conference late on Friday, after the market had notched eight straight days of gains, that the rise in stock prices was a reflection of ample liquidity and improvement in corporate earnings, and that healthy market development was good for economic restructuring.

Property stocks jumped on signs of policy easing while the stellar debut of Orient Securities fanned buying interest in brokerage shares.

"Policy makers hope the stock market can rise, but in a steady and mild manner," said Liu Ming, Beijng-based analyst at Golden Sun Securities.

"I don't think the government will intervene at this stage, although there will be rising volatility ahead due to market forces."

In January, China's stock watchdog launched a crackdown on illegal margin trading businesses, dealing a blow to a stock market that soared more than 40 percent during the last two months of 2014.   Continuación...