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Today Chinese benchmark stock index, Shanghai composite rose by 2.4%, however headline gain is not a true presenter of what happened in the market.
Over the weekend, Chinese Securities Regulatory Commission (CSRC) said that central bank would provide liquidity to Chinese Securities Finance (CSF), a state entity which makes margin financing available to brokers.
According to the statement, CSF's capital would be quadrupled to 100 billion Yuan.
Country's top 21 brokers have also set up a 120 billion Yuan fund, which will invest in the market, mainly in blue chips.
What happened in Chinese market today?
- Chinese stock market, opened 7.8% higher than Friday's close, mostly due to weekend measures.
- However sell offs began immediately and by lunch break the gain was only 2.2%.
- In the afternoon stock index was down almost 1%.
- However stocks rose from 3653 to close at 3775, or 2.4% higher than Friday's close. These rise was mainly due to blue chip buying.
The movement and record levels of volatility shows that bears are likely to keep raging in Shanghai and Government is likely to come up with more measures in trying to calm and reverse the sentiment.
