China shares rise as stimulus steps offset IPO, Hong Kong up too

martes 10 de junio de 2014 00:55 GYT
 

* HSI +0.4 pct, H-shares +0.8 pct, CSI300 +0.6 pct

* H-shares hit two-month high

* ICBC A-share at highest since Dec, due to eased monetary policy (Updates to midday)

By Grace Li and Lu Jianxin

HONG KONG/Shanghai, June 10 (Reuters) - China shares ended a choppy morning trade up on Tuesday, led by strong gains in financial counters after China detailed which banks would benefit from a recent cut of required reserves ratios.

The move to boost liquidity helped offset a negative impact from the resumption of initial public offerings (IPOs) in the mainland after a four-month hiatus. IPOs typically divert funds from existing shares.

Hong Kong shares opened up following another record-high on Wall Street, but then moved into negative territory before later tracking gains in the mainland.

At midday, the Hang Seng Index was up 0.4 percent at 23,208.53 points. The China Enterprises Index of the top Chinese listings in Hong Kong was up 0.8 percent, reaching its highest level since April 10.

The CSI300 of the leading Shanghai and Shenzhen A-share listings gained 0.6 percent, while the Shanghai Composite Index was up 0.4 percent at 2,039.03 points. Both remain in the narrow range they have traded in for nearly three weeks.   Continuación...