China blue-chip stocks up on rescue moves; Hong Kong slumps on Greece fears

lunes 6 de julio de 2015 00:54 GYT

* CSI300 +2.5 pct; SSEC +2.2 pct; HSI -3.2 pct

* Investors pile into mainland blue chips, dump small caps

* China unveiled a slew of emergency measures on the weekend

SHANGHAI, July 6 (Reuters) - China's key stock indexes opened more than 7 percent higher on Monday but ended morning trade less than 3 percent up, as investors used the rebound to dump small caps, casting doubt on how effective fresh market rescue measures will be.

In Hong Kong, stocks slumped over 3 percent amid fears the Greek crisis will deepen.

China's CSI300 index was up 2.5 percent, to 3,983.83 points at the end of the morning, while the Shanghai Composite Index gained 2.2 percent, to 3,766.37 points.

But the banking index was still up 7 percent by midday, near where it was right after market opening, as investors piled into financial heavyweights after mutual funds, brokerages and state-backed investor Central Huijin all vowed to buy blue chips, or exchange-traded funds (ETFs) tracking blue chip indexes.

China's biggest lenders, including Bank of China , Agricultural Bank of China and ICBC all surged more than 8 percent.

In contrast, China's growth board ChiNext opened over 6 percent higher, but then slumped to be down 3.8 percent by the lunch break as investors unwound positions in small caps.   Continuación...