Chinese stocks ended higher on Thursday, rebounding in the afternoon from a slip rooted in a comment by the central bank governor taken to mean that no policy easing is coming soon.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.5 per cent to 3,567.61, while the Shanghai Composite Index gained 0.6 per cent to 3,343.34 points.
Speaking at the World Economic Forum in Davos, People’s Bank of China chief Zhou Xiaochuan said policy should remain “stable’’, which disappointed investors wanting a policy move to help speed up growth. China should continue its neutral monetary policy, he said.
Among the most active stocks in Shanghai were Bank of China , down 1.0 per cent at 4.84 yuan; China Shipbuilding Industry Co, up 7.7 per cent at 9.19 yuan; and Zijin Mining, up 4.0 per cent at 3.92 yuan.
In Shenzhen, Vanke, up 4.1 per cent at 13.58 yuan; BOE Technology, unchanged at 3.19 yuan; and Guosen Securities, down 1.1 per cent at 23.85 yuan, were among the most actively traded.
Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 0.25 billion yuan of the 13 billion yuan daily quota.
Total volume of A shares traded in Shanghai was 35.3 billion shares, while Shenzhen volume was 19.2 billion shares.