China stocks rise on hopes share sale ban will be extended; Hong Kong drops

miércoles 6 de enero de 2016 00:55 GYT
 

* CSI300 +0.4 pct; SSEC +0.7 pct; HSI -0.9 pct

* Market helped by news on further restrictions on share sales

* Dec activity in China's services sector remains weak

SHANGHAI, Jan 6 (Reuters) - China stocks edged up on Wednesday on hopes that regulators would extend a ban on share sales by major stakeholders as Beijing scrambled to avert a potential repeat of last summer's market crash.

State media reported the ban on such share sales, which had been due to expire on Friday, will remain in place until new rules to manage the process are promulgated.

The market was also helped by statements from at least 30 companies saying their controlling shareholders or senior executives would not sell shares on the secondary market within the next six or 12 months to help stabilise the stock market.

The reports were the latest damage-control measures announced after China's major benchmark indexes plunged 7 percent on Monday, forcing the first-ever nationwide trading halt and roiling global markets.

The blue-chip CSI300 index rose 0.4 percent to 3,490.95 points by the lunch break on Wednesday, while the Shanghai Composite Index gained 0.7 percent to 3,310.24.

Many traders largely attributed Monday's sell-off to fears that the expiry of the share sale ban, imposed during the height of the market rout last year, could see an estimated 1.24 trillion yuan ($190.23 billion) of shares dumped onto the market.   Continuación...