China stocks closed lower on Thursday as afternoon profit-taking in finance and manufacturing shares offset early gains by commodity stocks in the morning following oil's sharp overnight rise. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.6 percent, to 3,160.60, while the Shanghai Composite Index lost 0.7 percent, to 2,952.89 points.
Stocks edged up on Thursday morning, recouping some of the previous day's losses after Beijing unveiled more measures to support the economy and as oil and commodity shares surged.
China's cabinet said late on Wednesday the government would take steps to boost exports, including encouraging banks to boost lending, expanding export credit insurance and raising tax rebates for some firms.
Weakness in banking and real estate shares was offset by sharp gains in resource shares.
An index tracking raw materials surged 2.7 percent, as steel prices in Shanghai extended rises this year amid signs of life in China's struggling steel mills.
The energy sector jumped 2.3 percent in China and 4.2 percent in Hong Kong.
Comments
Comments are closed.