BEIJING: China’s key stock indexes showed signs of stabilizing on Monday, rising close to 3 percent, in response to unprecedented rescue measures announced over the weekend.
During the volatile session, money gushed into blue chips as investors used an opening spike to dump small caps.
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The Shanghai Composite Index .SSEC opened 7.8 percent higher, but ended the day up only 2.4 percent, at 3,775.91 points. The CSI300 index .CSI300 of China’s biggest companies also gave up most of its early gains, to end 2.9 percent firmer at 3,998.54 points.
The key indexes drew support from financial heavyweights .CSI300BI, including China’s “Big Four” state lenders and state insurer China Life (601628.SS), and also from oil giant Sinopec (600028.SS).
