Mainland Chinese stocks closed more than 4% higher on Tuesday, but were still well off their early highs, as traders were frustrated by a lack of new stimulus from Beijing and a few details regarding measures unveiled last month.<\/p>\n
The Shanghai Composite Index, which opened more than 10% higher, ended up 4.59%, or 153.28 points, at 3,489.78, while the Shenzhen Composite Index on China’s second market rose 8.89%, or 171.29 points, to 2,098.77.<\/p>\n
Equities have surged after officials announced a slew of measures aimed at reviving development in the world’s second largest economy, with a focus on the struggling real estate sector.<\/p>\n
Investors returned to work Tuesday following a week-long vacation, hopeful that a planned news conference will reveal more pledges or details on those previously announced.<\/p>\n
However, the initial exhilaration faded due to a lack of tangible results.<\/p>\n
Zheng Shanjie, head of China\u2019s National Development and Reform Commission (NDRC), said the government was \u201cfully confident\u201d it will achieve its goal of around five per cent growth this year, a target that analysts say is optimistic.<\/p>\n
In a note, Stephen Innes, managing partner at SPI Asset Management, said, \u201cTuesday\u2019s press briefing from China\u2019s top economic planner\u2026 was supposed to be the big moment, the one where Beijing unleashed a stimulus bazooka.\u201d<\/p>\n
\u201cInstead, it was more\u00a0of\u00a0a\u00a0pop\u00a0gun.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Mainland Chinese stocks closed more than 4% higher on Tuesday, but were still well off their early highs, as traders were frustrated by a lack of new stimulus from Beijing and a few details regarding measures unveiled last month. The Shanghai Composite Index, which opened more than 10% higher, ended up 4.59%, or 153.28 points, […]<\/p>\n","protected":false},"author":14,"featured_media":27225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-51180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/51180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=51180"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/51180\/revisions"}],"predecessor-version":[{"id":51181,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/51180\/revisions\/51181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/27225"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=51180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=51180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=51180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}