China stocks rise at midday as investors hunt for bargains

jueves 21 de julio de 2016 00:17 GYT
 

* CSI300 +0.9 pct, SSEC +0.7 pct, HSI +0.7 pct

* Buyers return to market after 5 straight declines

* Volumes still weak

SHANGHAI, July 21 (Reuters) - China stocks rose on Thursday as investors went bargain hunting for mainland shares which sold off over the past five sessions, despite a global equity rally which has taken many other indexes sharply higher.

Although Hong Kong's Hang Seng Index and the Euro Stoxx are up 1.5 percent and 0.4 percent respectively over the past week, China's CSI300 is off 0.3 percent, in what analysts say is a reaction to uncertain domestic economic conditions following mixed data issued since mid-month.

Analysts say that China's Shanghai Composite Index will struggle to move much higher than 3000 without clearer positive signals from the economy.

Nonetheless after five straight sessions of small losses, buyers came back to the market today, although volumes were low.

Finance shares led indexes higher but gains were broad based extending through most sectors including manufacturing, information technology, real estate, and utilities.

The CSI300 index rose 0.9 percent, to 3,266.30 points at the end of the morning session, while the Shanghai Composite Index gained 0.7 percent, to 3,048.75 points.   Continuación...