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Felicia Tan
in
Stocks
June 18 20:52

Chinese stocks closed with growth thanks to promises of reforms

Chinese stock indices closed on Thursday as officials assured investors that the economy is slowly recovering from the coronavirus crisis and promised more reforms and liquidity to support capital markets.
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Shanghai Composite index rose by 0.12% to 2,939.32 points, while the CSI300 blue chip index added 0.67% to 4,044.38 points.
The financial sector sub-index rose by 0.36%, the consumer goods sector added 0.82%, the real estate index rose by 1.21%, and the health sector dropped by 1.22%.
The index of ChiNext Composite startups grew by 0.09%.
The rise was led by Chongqing Iron & Steel Co Ltd, Tianjin Tianyao Pharmaceuticals Co Ltd and CSD Water Service Co Ltd, which rose by 10.13%, 10.02% and 10.02% respectively.
The leaders of negative growth were North China Pharmaceutical Co Ltd, Zhejiang Chenfeng Technology Co Ltd and Zhejiang Ausun Pharmaceutical Co Ltd, which lost 10.02%, 10.01% and 10% respectively.
Hong Kong Hang Seng index decreased by 0.07% to 24.464.94 points, while Hang Seng China Enterprises index added 0.07% to 9.916.45 points.
The People's Bank of China on Thursday lowered the 14-day reverse repo rate, the first time since February to resume using this liquidity instrument.
China's leading securities market regulator said the country will continue to "comprehensively deepen" capital market reform, calling the main goal at this time to restore market confidence.