China stocks rebound on hopes of speedy pension fund investment; HK also up
China shares rebounded on Monday, led by wine makers and banks, after media reports said pension funds may begin flowing into the country’s stock markets as early as this week.
The bullish sentiment spread to Hong Kong, where the market also advanced but by a more modest margin.
China’s CSI300 index rose 1.1 percent to 3,457.94 points by the end of the morning session, while the Shanghai Composite Index gained 0.8 percent to 3,227.33, recouping losses on Friday.
Blue chips were on pace for their best single-day performance since Nov. 11, if the gains could be sustained.
Media reported on Friday China had started investing an initial 360 billion yuan ($52.42 billion) in pension insurance funds from seven provinces and cities in financial markets.
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