China stocks rise after money exit rumour denied; Hong Kong also up

viernes 26 de agosto de 2016 00:59 GYT
 

* SSEC +0.6 pct; CSI300 +0.6 pct; HSI +0.5 pct

* Govt denies rumour that $90 bln of insurance money will exit

* BoCom results ease fears of asset quality woes

SHANGHAI, Aug 26 (Reuters) - China stocks rose on Friday morning, recouping the previous day's loss, with some traders attributing the improving sentiment to regulators' denial that insurance money is getting pulled out of the market.

The China Insurance Regulatory Commission (CIRC) late on Thursday denied a market rumour in a local media that 600 billion yuan ($90.17 billion) worth of insurance money would gradually exit the market due to tougher rules.

"The official denial apparently aided market sentiment," said Wu Kan, head of equity trading at investment firm Shanshan Finance.

"The rumour caused a bit of panic-selling yesterday but now, the market is back."

The blue-chip CSI300 index rose 0.6 percent, to 3,327.47 points by lunch break, while the Shanghai Composite Index also gained 0.6 percent, to 3,085.74 points.

Small-caps rose sharply, with Shenzhen's start-up board ChiNext up 1.3 percent.   Continuación...