China stocks rebound on chorus of media support; Hong Kong also up

miércoles 6 de mayo de 2015 01:22 GYT

* CSI300 +2 pct; SSEC +1.4 pct; HSI +0.9 pct

* Official media chant bullishly after Tuesday's tumble

* Government wants a slow bull market, not a crazy bull - investors

By Samuel Shen and Nathaniel Taplin

SHANGHAI, May 6 (Reuters) - Chinese stocks rebounded sharply on Wednesday as investors piled into the market after the previous session's tumble, encouraged by a chorus of upbeat official media commentaries declaring the bull market was not over.

The CSI300 index rose 2.0 percent to 4,688.52 points by the end of the morning session, while the Shanghai Composite Index gained 1.4 percent to 4,356.70 points.

Hong Kong stocks followed mainland markets higher. The Hang Seng index added 0.9 percent to 28,006.91 points, while the Hong Kong China Enterprises Index gained 1.8 percent to 14,333.43.

China's stock market has almost doubled in the past year, driven by ample liquidity and expectations of more government stimulus to support flagging growth in the world's second-largest economy.

But a combination of concerns over tougher margin trading rules, a fresh wave of listings and speculation of a hike in stamp duty on stock trades triggered the biggest one-day loss in nearly four months on Tuesday.   Continuación...