Wednesday, 20 June 2018 16:25 WIB |
MARKET UPDATE |The Shanghai Composite IndexSaham Cina Shanghai composite
China stocks on Wednesday reclaimed some of the heavy losses from the previous session's plunge, as upbeat comments from state media and a burst of share purchase plans by listed companies soothed immediate panic over a Sino-U.S. trade war.
However, investors remain wary about the longer-term sustainability of the rebound with Shanghai stocks up only 0.3 percent, compared with Tuesday's nearly 4 percent tumble, as some fear escalating trade frictions between Washington and Beijing could hurt China™s already fragile economy.
The Shanghai Composite Index, which tumbled to a two-year low on Tuesday, gained 0.3 percent to 2,915.73 points. The blue-chip CSI300 index rose 0.4 percent, to 3,635.44 points.
Wednesday™s rebound was led by sectors that are less vulnerable to trade friction, such as consumer and healthcare.
Some signs of stability came after China™s state media on Wednesday talked up the country™s stock markets, while over 30 listed firms announced share purchase plans by major shareholders.