SHANGHAI: Chinese stocks were up firmly in morning trade on Thursday, lifted by a rally in US shares overnight and Beijing’s move this week to cut interest rates to boost the world’s second largest economy, dealers said.
China’s benchmark Shanghai Composite Index jumped 1.73 per cent, or 50.74 points, to 2,978.03. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 1.64 per cent, or 27.78 points, to 1,723.54.
“The rise in the United States helped boost the market,” Zhang Yanbing, an analyst at Zheshang Securities, told AFP. “Market sentiment has improved, but a rebound will still take some time.”
Hong Kong shares also jumped, opening up 3.22 per cent, after hints the US Federal Reserve would not raise interest rates yet sparked a rally on Wall Street following days of turmoil over China.
