China stocks rally on reform hope, Hong Kong tracks mainland higher

martes 19 de mayo de 2015 01:00 GYT
 

* CSI300 +3.1 pct; SSEC +2.7 pct; HSI +0.4 pct

* Economic reforms need a vibrant market - analyst

* Jiangsu bond issue eases fears over local govt debt

By Samuel Shen and Pete Sweeney

SHANGHAI, May 19 (Reuters) - China stocks bounced sharply off one-week lows on Tuesday, cheered by Beijing's 2015 guidelines for economic reform that prioritize further opening of the country's capital market and the restructuring of state enterprises.

The guidelines, which target areas including the Shenzhen-Hong Kong stock connect, the initial public offering (IPO) system and yuan globalisation, revived investor interest in blue-chip stocks, said Tian Weidong, analyst at Kaiyuan Securities in Xian.

"You need a vibrant stock market to push forward economic reforms, whether it's about asset securitisation or industry consolidation," he said. "With such a policy backdrop, investors are emboldened to stay in the market."

The CSI300 index rose 3.1 percent, to 4,718.97 points at the end of the morning session, while the Shanghai Composite Index gained 2.7 percent, to 4,400.20 points.

Hong Kong shares tracked mainland markets higher. The Hang Seng index added 0.4 percent, to 27,706.87 points, while the Hong Kong China Enterprises Index gained 1.9 percent, to 14,187.09.   Continuación...