China stocks up on policy hopes, CSI300 rises 2.1%

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SHANGHAI: China shares surged on Thursday on hopes of further financial stimulus actions.
Most economists believe it is not a question of whether Beijing will roll out more stimulus measures but when, with many expecting both further interest rate cuts and reductions in banks’ reserve requirement ratios (RRR).
The CSI300 index rose 2.1 percent, to 3,029.58 points at the end of the morning session, while the Shanghai Composite Index gained 1.6 percent, to 2,824.43 points.
Banking and brokerage shares remained the biggest supports for the market, with China Merchants Bank up more than 8 percent and Hong Yuan Securities hitting its 10 percent daily limit for the third consecutive day.
Technical indicators show both main China indexes are heavily overbought, leaving them vulnerable to profit-taking. The relative strength indicator (RSI) for the CSI300 has topped 90.