China stocks hit nearly 3-month high as insurers continue rally on policy boost expectations
Hong Kong stocks pare declines at close as insurers and car manufacturers help offset losses in banks and telecoms
Shanghai stocks staged a V-shaped rebound on Thursday to close at the highest level in nearly three months, as insurers continued their rally after a government policy paper encouraged commercial pension funds to invest in stock markets.
In Hong Kong, Chinese insurers also helped offset losses in the bank and telecom sectors, with the benchmark index paring its decline at close.
The Shanghai Composite Index opened slightly lower and slipped below 3,200 around noon. However, it reversed course and turned higher in the last hour of trading, before closing up 0.2 per cent, or 5.31 points, at 3,212.44, the best level it has seen since mid-April.
The large-cap CSI300 ended flat at 3,660.10.
On the Shenzhen Stock Exchange, the Shenzhen Composite Index and the ChiNext index both finished up 0.1 per cent, at 1,914.59 and 1,839.99 respectively.
Combined turnover for Shanghai and Shenzhen markets increased 16 per cent from Wednesday to 476 billion yuan (US$70 billion).
