China’s leaders held a meeting on Friday to discuss measures to boost the economy and stabilize the market.
By SUN Yizhen
Chinese stock markets rallied on Friday, the last trading day before the May Day holiday. The benchmark Shanghai Composite Index was up 2.41 percent to reclaim 3,000 points. The Shenzhen Composite rose 3.69 percent and the ChiNext was up 4.11 percent.
China’s leaders held a meeting on Friday to discuss measures to boost the economy and stabilize the market. Following the news, Hong Kong’s Hang Seng Index rose 4 percent. The Hang Seng Tech Index grew 10 percent. Shares in Meituan, Alibaba and JD.com all rose more than 10 percent.
YANG Delong, chief economist of First Seafront securities said the stock market’s poor performance this year was a surprise to many investors.
“Though many lost money, it is actually a good chance to open a position below 3,000 points,” Yang said. “In the long run, this is a bottom that may not be reached again for some time.”