China stocks bounce sharply for 2nd day, markets calmed by support measures

viernes 10 de julio de 2015 00:56 GYT
 

* CSI300 +5.8 pct; SSEC +5.2 pct; HS I +2.1 pct

* Most China shares rise 10 pct daily limit for second day

* Worst-case scenario already priced in China H-shares - UBS

By Samuel Shen and Pete Sweeney

SHANGHAI, July 10 (Reuters) - China stocks surged for the second day, reversing an early-week slump in frenetic trading on Friday as markets regained a measure of composure following a barrage of government support measures to stem the rout.

The CSI300 Index of China's biggest listed companies jumped 5.8 percent by midday, after Thursday's 6.4 percent rise, heading for a weekly gain of over 6 percent.

The Shanghai Composite Index was 5.2 percent firmer at the end of the morning session, also poised to end the week up around 6 percent.

The positive sentiment rippled to Hong Kong, where stocks gained over 2 percent.

"Chinese investors move in herds. After panic selling drove the market down to the extreme, prices are now starting to move in the other direction," said Samuel Chien, a partner of Shanghai-based hedge fund manager BoomTrend Investment Management Co.   Continuación...