China stocks rise as parliament ends with more government assurances

miércoles 16 de marzo de 2016 00:36 GYT
 

* China's CSI300 +0.49 pct, SSEC +0.14 pct

* Hong Kong's HSI -0.54 pct

* Little apparent reaction to Premier Li's press conference

SHANGHAI, March 16 (Reuters) - China stocks edged higher on Wednesday as the country's annual meeting of parliament ended much as it began, with a stream of assurances by Premier Li Keqiang that the economy was facing difficulties but not in danger of a hard landing.

In a news conference at the end of the meeting, Li said that while downward pressure on the economy persists, there would be no sharp deterioration in activity as long as the government presses ahead with reforms.

Li's other comments on growth targets, unemployment risks, corporate debt and other topics were also largely reiterations of remarks made by various top officials over the course of the session, which he opened on March 5 warning policymakers to be prepared for "a tough battle ahead".

With little fresh direction for investors, the CSI300 index rose 0.5 percent to 3,089.91 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent to 2,868.39.

China CSI300 stock index futures for March rose 0.3 percent, to 3,052.6, -37.31 points below the current value of the underlying index.

Finance shares led indexes higher, with major gainers including Shanghai Pudong Development Bank Co Ltd and China Minsheng Banking Co Ltd.   Continuación...