China stocks rebound as B shares stabilize, Hong Kong also up

martes 18 de octubre de 2016 00:41 GYT
 

* SSEC 0.5 pct, CSI300 0.5 pct, HSI 0.9 pct

* Shanghai's B share index rebound, easing market fears

* Investor focus back to China economic data

SHANGHAI, Oct 18 (Reuters) - China stocks rebounded on Tuesday as Shanghai's U.S. dollar-denominated B shares stabilised following the previous day's plunge, and as investors shifted their focus to a slew of China economic data this week.

Hong Kong equities also rose, aided by a rebound in property and IT stocks, as some investors hunted for bargains following sharp falls recently.

Both China's blue-chip CSI300 index and the Shanghai Composite Index gained 0.5 percent, to 3,293.28 points and 3,056.87 points, respectively.

The market was dragged lower on Monday by a sudden late-afternoon slump in the B-share index amid yuan depreciation fears, but the index bounced 1.5 percent on Tuesday as investors judged the mysterious sell-off was excessive.

"The B-share market has very poor liquidity, so is prone to high volatility," said Chang Chengwei, analyst at Hengtai Futures Co.

"Since yesterday's market fall was driven mainly by fear, rather than fundamentals, some investors saw this as a chance to buy shares at lower prices."   Continuación...