China: Market rises on Govt stimulus plan

25 Aug 2022 , 05:06 PM

Mainland China share market finished session notbly higher on Thursday, as investors sentiment underpinned after the government announced fresh round of economic stimulus measures, including 300 billion yuan in support for policy banks to fund infrastructure projects and 200 billion yuan of special bonds to assist electricity producers in boosting output. At close of trade, the benchmark Shanghai Composite Index was up 0.97%, or 32.55 points, to 3,401.72. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 0.24%, or 5.24 points, to 2,155.14. The blue-chip CSI300 index increased 0.83%, or 33.82 points, to 4,116.24. Shares of specialty pharmaceutical company Sinotherapeutics surged 45% from its initial public offering price of 9.37 yuan, while Shanghai Conglin Environmental Protection Technology, which provides hazardous waste harmless disposal services, fell 24% against its 59.76 yuan offer price. Shares of chemical producer Longkou Union Chemical jumped 161% from its 14.95 yuan offer price.Powered by Capital Market – Live News