The People’s Bank of China said it had made seven day reverse repurchase agreements worth 110 billion yuan ($16.7 billion) as well as 28 day contracts worth 290 billion yuan. Investors remained unmoved by a massive injection of funds by the country’s central bank. The benchmark index slumped on Thursday, losing 3.2% as concerns about the economy continued to haunt investors. The Hang Seng lost 3.8%, falling to its lowest level in three years. This was caused by a major decline in the Hong Kong dollar which fell to its lowest level in nine years. The Hang Seng China Enterprises Index nosedived, losing 5.5% at one point before ending the day with a decline of 4.3%. Additionally, China’s securities regulator gave permission for the launch of seven IPOs, slated to begin before the market holidays which start on Feb 8. Money market borrowing costs hit their highest level in nine months weighing down on stocks. The Shanghai Composite declined 1% on Wednesday, pulled lower by tech and consumer stocks. The Hang Seng added 2.1% while the Hang Seng China Enterprises Index advanced 3%. A sub-index of industrial stocks within the CSI 300 gained the most among the index’s industry groups, gaining 4.7%. Fixed asset investment excluding rural areas rose 10% in 2015, the lowest pace of increase in 15 years.Īdditionally, industrial stocks gained following expectations that state backed funds would make substantial share purchases. Industrial production rose by 5.9% in December while retail sales rose 11.1%, both coming in lower than estimates. This was the lowest gain in GDP experienced in 25 years. During 2015, GDP increased by 6.9%, almost in line with government estimates of a near 7% increase. GDP increased 6.8% during the fourth quarter, lower than the projected figure of 6.9%. Dismal economic data led to expectations that the government would take further steps to boost the economy. The benchmark index gained 3.2% on Tuesday, experiencing its highest increase in two months. However, the Hang Seng Declined 1.5% while the Hang Seng China Enterprises Index slipped 1.2%. A gauge of tech stocks within the index emerged as the largest gainer, increasing 2.1%. The small-cap heavy ChiNext index increased 2.9%. This is was a result of steps taken to reduce the impact of bearish bets in the currency. Meanwhile, the offshore yuan rate recorded its largest increase in a week. New home prices increased in 39 cities in December, higher than the figure of 33 for November. Tech and real estate companies led the gainers as the benchmark’s RSI declined to levels which signaled the selloff had been excessive in nature. The Shanghai Composite Index increased 0.4% on Monday following encouraging data on home prices and a growing sentiment that stocks have been oversold. Heightened investor concerns about a volatile yuan and news that certain Shanghai banks had stopped accepting listed small cap shares as collateral pushed shares into a bear market. The benchmark also closed below its lowest ever level hit during the rout of August 2015. Last week, the Shanghai Composite Index lost 3.5%, declining 21% below the high achieved in December. China National Offshore Oil Corp.’s CEO, or CNOOC decided on a near 10% cutback in capital expenditure in 2016. EDU reported second-quarter 2016 earnings of 4 cents per share, contrary to the Zacks Consensus Estimate of a loss of 3 cents. New Oriental Education and Technology Group Inc. The benchmark index slumped on Thursday as concerns about the economy continued to haunt investors. The Shanghai Composite declined on Wednesday, pulled lower by tech and consumer stocks. The benchmark index gained on Tuesday after dismal economic data led to expectations that the Chinese government would take further steps to boost the economy. The Shanghai Composite Index increased on Monday following encouraging data on home prices and a growing sentiment that stocks have been oversold. Markets endured another volatile week, losing heavily toward the end on concerns about the economy.
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