China stocks gain on new regulator chief; Hong Kong also up

lunes 22 de febrero de 2016 00:41 GYT
 

* CSI300 +1.1 pct; SSEC +1.5 pct; HSI: +1.1 pct

* Investors welcome decision to replace CSRC chairman

* Property, resources shares jump on gov't stimulus

SHANGHAI, Feb 22 (Reuters) - China stocks jumped 2 percent on Monday, led by property and resources shares, as investors welcomed Beijing's decision to replace the top securities regulator and on signs that the government was stepping up its economic stimulus efforts.

Both the blue-chip CSI300 index and the Shanghai Composite Index gained 2 percent by the lunch break, to 3,112.43 points and 2,918.50 points, respectively.

Mainland optimism also spilled over to Hong Kong, where the benchmark Hang Seng index rose 1.1 percent to 19,500.23, while the Hong Kong China Enterprises Index gained 1.5 percent to 8,237.54.

China said over the weekend that it had removed Xiao Gang from his post as chairman of the China Securities Regulatory Commission (CSRC), replacing him with Liu Shiyu, chairman of the Agricultural Bank of China Ltd (AgBank) .

The decision, seen as a move to restore market confidence, was cheered from China's retail investors, many of whom were burnt by the recent stock market rout.

"If a casino has a new boss and gets renovated, it's certainly something worth celebrating," said Zhu Haifeng, 31.   Continuación...