China stocks surge on govt moves to restore confidence

martes 30 de junio de 2015 03:17 GYT

SHANGHAI, June 30 (Reuters) - China stocks ended Tuesday sharply higher, reversing a tumble in morning trade, as a slew of government measures to stem a two-week-long market tumble appeared to win back some investor confidence.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 6.7 percent, to 4,473.00, while the Shanghai Composite Index gained 5.6 percent, to 4,277.22 points.

For the month though, the SSEC lost 7.3 percent, while the CSI300 fell 7.6 percent, their worst showing since June 2013.

For the first half of 2015, the SSEC gained 32.2 percent and the CSI300 rose 26.6 percent.

China scrambled to launch a series of measures to bolster market confidence, after a weekend rate cut failed to temper panic selling that knocked main indexes down 20 percent from their mid-June peak.

China published draft rules to allow pension funds to buy stocks; state-run Xinhua said the correction is excessive; the country's fund association urged hedge fund managers to make rational investment decisions; and major brokerage Guotai Junan Securities Co said it would lower margin requirements for certain blue chips.

Stocks rose across the board. (Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)