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The
Smaller companies did even better, as the Shenzhen Component Index rose 6.2 per cent. It was the index’s best daily gain since September 2015, while startup index ChiNext had its best performance in seven years, soaring 6.7 per cent.
In Hong Kong, the
The rebound came after Chinese authorities stepped up their efforts to rescue the ailing stock market, which had a dire 2023 and has been the worst performer in the world so far this year.
By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021, CNN reported.
“We will continue to increase our holdings and expand our holdings to resolutely maintain the stable operations of the capital market,” it said in a statement.
Shortly after the announcement, the China Securities Regulatory Commission (CSRC) issued a statement saying it “firmly supports” Central Huijin Investment in its plan to continue to increase the scale of its holdings.
The regulator said it would also encourage more institutional investors, such as mutual funds, state pension funds and insurers, to enter the stock market, the CSRC added.
The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by over 10 per cent in Shanghai and Shenzhen, CNN reported.
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