China, Hong Kong stocks rebound, as automakers surge on gov't support steps
* CSI300 +0.9 pct; SSEC +0.7 pct; HSI +1.4 pct
* Auto shares surge on Beijing's stimulus
* China stocks set for worst quarter since 2008
SHANGHAI, Sept 30 (Reuters) - Stocks in China and Hong Kong rebounded on Wednesday morning, as auto shares surged on government support measures, fanning hopes that Beijing will unveil further steps to prop up other struggling sectors.
China's blue-chip CSI300 index rose 0.9 percent, to 3,208.85 points by midday, while the Shanghai Composite Index gained 0.7 percent, to 3,059.36 points.
But for the quarter, both indexes are set to post a massive loss of roughly 28 percent, the worst showing since early 2008 during the depths of the global financial crisis.
Hong Kong stocks, which tumbled to a two-year low on Tuesday, also bounced in morning trading, with the flagship Hang Seng index up 1.4 percent.
Sentiment was aided by a surge in Chinese auto stocks, after Beijing announced it would halve sales tax on small-engine cars.
Among the biggest beneficiaries, Great Wall Motor soared 35 percent in Hong Kong and 7.4 percent in Shanghai. Continuación...