Chinese stocks advanced for the third day in a row as investors showed confidence on policymarker’s effort to support and revive support the economy.
The benchmark CSI 300 index was up 1.8% at the mid-day close on Thursday after taking its three-day advance to over 4%. Sectors including consumer discretionary and technology were the top performers.
Hong Kong’s Hang Seng index is up by almost 1%.
The recent rally was amid central bank’s announcement on Monday to cut reserve requirement ratio. At the same time, Communist Party’s Politburo signaled easing curbs in the real estate industry. These developments has boosted investors confidence.
According to a Bloomberg strategist as reported by Bloomberg said, “The latest RRR cut should benefit A-shares more than other markets as they are more sensitive to domestic liquidity conditions,”
