(Bloomberg) — Chinese stocks climbed ahead of a joint ministry briefing on measures to support the property market.
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The CSI 300 Index advanced more than 1% before the press briefing starts at 10 a.m. local time on Thursday. The Hang Seng China Enterprises Index rose as much as 2.3%. A Bloomberg Intelligence gauge of developer shares fell as much as 4.8%, paring some of the previous session’s surge.
Traders have been pinning their hopes on Thursday’s briefing for the rally to regain momentum. Equities have witnessed wild swings in recent weeks as investors debate whether a series of stimulus measures so far will be enough to turn the economy and markets around. The onshore benchmark index fell to the brink of a technical correction on Wednesday.
A newspaper run by the housing ministry hinted Beijing will “hit a heavy punch combo” ahead of the briefing. Still, caution is high as previous pressers by the Ministry of Finance and the National Development and Reform Commission have disappointed investors with a lack of details.
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