LINE

Text:AAAPrint
Economy

Chinese markets recover midday after sharp dive

1
2015-09-02 13:05Xinhua Editor: Gu Liping

Chinese stocks had returned to positive territory by midday after dropping sharply during Wednesday's morning session.

The benchmark Shanghai Composite Index slipped more than 4 percent after the opening bell, indicating deepening downward pressure on the world's second largest economy.

The decline narrowed later, led by a rebound in banking stocks. China CITIC Bank at one point gained more than 1 percent, and Bank of Beijing gained 0.11 percent.

Before the bell sounded, ending the morning session, the Shanghai Index had gained 0.31 percent to end at 3,176.34 points, and the Shenzhen Component Index edged up 0.46 percent to close at 10,209.32 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 1.96 percent to close at 1,926.61 points.

Winners outnumbered losers by 602 to 283 in Shanghai, and by 1,001 to 354 in Shenzhen.

Shares in the Internet sector and food security led the gains, while oil stocks were among the biggest losers.

The government has ramped up efforts to bolster the economy and promote the steady and healthy development of the capital market.

On Monday evening, the central government issued a notice encouraging mergers, cash bonuses and share repurchases by listed companies to expedite reform of state-owned enterprises and stabilize the stock market.

Official data released Tuesday showed China's manufacturing purchasing managers' index (PMI) fell to its lowest level in three years in August, at 49.7, also down from 50 for July, suggesting contracting pressure on the manufacturing sector.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.