Chinese shares rose due to a decline in new cases of coronavirus, hope for stimulus
BEIJING/SHANGHAI (Reuters) – Chinese stocks closed in positive territory on Monday due to a decline in the number of new cases of coronavirus in the country and hopes for further stimulus measures to mitigate the economic damage of a pandemic.
The Shanghai Composite index rose 0.25% to along 2.815,49 points, while the index of blue-chip CSI300 gained 0.68% to 3.822,77 points.
The financial sector sub-index rose by 1.12%, the consumer sector added 1.1%, the property index rose 1.03% and the health sector by 1.97%.
The ChiNext index of start-UPS Composite index added 0.75 percent.
Hong Kong’s Hang Seng index rose 1.88% to 24.280 14 points,while the Hang Seng China Enterprises – by 2.27% to 9.875,59 points.
China reported three new confirmed cases of infection with coronavirus April 26, compared with 11 the previous day, while no deaths were recorded.
The market expects that the government will introduce a stimulus package after the first week of may, to soften the economic blow from the pandemic, said Xiao Sitzung, an analyst with Guodu Securities.
(Cheng LAN in Beijing, Luoyang, Liu and Andrew Galbraith in Shanghai; Translated by Caleb Davis. Editor Marina Bobrova)