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John Wang
April 24 21:21

Government support cut the losses on Chinese markets

Chinese stocks closed on lower positions on April 24. Losses were cut short by the recent plans for more support measures revealed by the government.
People’s Bank of China cut the interest rate for the targeted medium-term loans. The decision follows the recent efforts aimed at reducing the interest rates for liquidity boosters that the institution has been keeping up during the last few weeks.
Shanghai Composite Index lost 1.06%, reaching 2.808 points. Meanwhile the blue chip CSI300 dropped 0.86%, reaching 3.796 points.
Financial sector’s subindex went down 1.07%. Consumer goods gained 0.24%, real estate contracted 0.96%, healthcare went down 1.57%. ChiNext Composite index dropped 1.27%. Hong Kong index Hang Seng lost 0.61%, reaching 23.831. China Enterprises index tumbled 0.49%, reaching 9.656 points.