China stocks rise at midday, boosted by weaker dollar

viernes 18 de marzo de 2016 00:06 GYT
 

* CSI +2.0 pct, SSEC +1.9 pct, HSI +0.7 pct

* Analyst say weaker dollar, dovish Fed boosting sentiment

* Gains broad based with most sub-indices up around 2 pct

SHANGHAI, March 18 (Reuters) - China stocks rose on Friday as the weaker dollar continued to ease worries on capital outflows from China.

The dollar is down over one percent against a basket of currencies over the past two days following Federal Reserve officials' statement on Wednesday indicating that they expect a slower pace of interest rate increases in 2016 than previously expected.

"This is a very important factor," said Xiao Shijun, analyst at Guodu Securities in Beijing. "The falling dollar has removed a major worry for the market."

Gains in mainland stocks were broad based, with most sub-indexes including CSI300 financials and Shanghai Composite property sub-index up around two percent.

China's growth board ChiNext outperformed for the second day in a row, gaining 4.4 percent.

Mounting capital outflows from China at the end of 2015, encouraged in part by expectations of a strong dollar and higher United States benchmark interest rates, had been a major concern for global financial markets this year.   Continuación...